Being a fiscally sadder but wiser Stocktonian, it’s fun to look around the country and see examples of obtuse cities making exactly the same mistakes that led Stockton to the poorhouse door.
Take Bridgeport, Conn. A council budget commitee there just approved borrowing $110 million in tax-anticipation notes to pay bills, vendors and employees.
“We’re not broke,” Councilman Angel dePara Jr. said. “It’s just the cycle of the majority of money that comes in is challenging.”
Yes, when you’re $110 million short of paying your bills, the cycle of money that comes in is challenging — especially if you’re police department is racking up millions in overtime and you can’t see your way to making desperately neded cuts.