Virginia’s Most Bankrupt City?

Here’s a “top ranking” list you don’t want to be on: Business Insider‘s list of “America’s Most Bankrupt Cities.” Unfortunately, the fair city of Norfolk appears there with a $26 million deficit.

I have not been following developments through the Virginian-Pilot, but the Business Insider‘s description is pretty scary:

City Manager Regina Williams has whittled down a deficit of up to $46 million (including $10 million in current-year shortfall) in a few months. But the rest of the way is an uphill fight. City departments have dismissed her request for 20% budget reductions. Schools are asking for a $6 million budget increase. Someone’s getting disappointed in the April 20 proposal.

The consolation is that Norfolk’s per capita budget deficit is only $110. Things could be worse… like they are in Harrisburg, Pa., where the per capita deficit is $1,500!

Beware, Virginia, you are not exempt from Boomergeddon. Borrowing $650 million from the VRS to balance the budget? Naughty, naughty.

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4 responses to “Virginia’s Most Bankrupt City?”

  1. Larry G Avatar

    Isn't Norfolk the city building a light rail system?

    what say Darrell?

  2. Anonymous Avatar

    New urbanism is the latest taxpayer ripoff. No one asked why cities tore up the trolley tracks and overhead wires in the 50s and 60s.


  3. Anonymous Avatar

    Not only that but it is an enormous wealth transfer mechanism.


  4. Anonymous Avatar

    Do they have the most bankrupt counties ?? Methinks Loudoun may not be so golden….

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