Breaking News Bar
updated: 5/29/2013 7:50 AM

Officials say Chicago suburb near bankruptcy

hello
Success - Article sent! close
 
Associated Press

Officials of the Chicago suburb of Dolton say the village is teetering on the verge of bankruptcy.

During an emergency meeting Tuesday, the village's Board of Board of trustees voted to borrow money from an account set up for development to pay its employees and bills.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Newly installed Mayor Riley Rogers says the village's bank accounts are empty.

Transition Village Manager Clem Balanoff says for the previous ten years, the board outspent their budget by up to $4 million a year. He added "the chickens have come home to roost."

Balanoff noted businesses have closed and people are moving out, resulting in a decline in revenue.

Rogers says the village faces tough decisions ahead. He says layoffs in key city departments, including fire and police, and new taxes are likely.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here