DOMINOES: COMPTON, CALIF., COULD BE NEXT TO FALL

News
by: Ronald Grover and Jim Christie
Wednesday, July 18, 2012
Dominoes: Compton, Calif., could be next to fall

The Los Angeles suburb of Compton, which suffered damage during the 1992 Rodney King riots, now faces the threat of bankruptcy.Photo Credit:Flickr.com

The City of Compton, a city of 93,000 people located on the outskirts of Los Angeles, must decide by September 1 whether to seek bankruptcy, according to its two most senior financial officials. …

Compton, which has an accumulated $43 million deficit and has depleted what had been a $22 million reserve, will run out of cash to make its payroll on September 1 at its current cash consumption rate, city comptroller Steven Ajobiewe told the city council during a July 17 meeting. …

[Compton Mayor Eric J. Perrodin] told the city council that at one point in its past the city had overspent legally set limits on certain programs by $17 million but would not elaborate.

Read more:http://times247.com/articles/dominos-compton-calif-could-declare-bankruptcy-by-september#ixzz212Q7SEFb

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