Officials say Chicago suburb near bankruptcy
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.
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.