… alarm too soon; but the road to municipal bankruptcy usually begins with small things, like the city’s recreational facilities facing budget shortfalls and closure.  Unfortunately, Fort Worth, like many other municipalities around the country has suffered tax revenue declines caused by the battered economy and now they may need to close the city’s swimming pools–indefinitely.

Most of the city’s swimming pools will be closed next summer, and the Parks Department doesn’t have …

Tags: Bankruptcy City Council fort worth

… cities are also being caught off-guard with deficit budgets.  The Star-Telegram reported that the City of Fort Worth has eliminated 150 jobs in response to a $61 million deficit for the 2010 budget year.  Additionally, according to the Fort Worth Business Press, they are also looking at pruning another 190 positions and potentially cutting funding for homeless projects.  Last year the city council voted to discontinue funding benefits for employees and their dependents who retire after …

Permalink: /fort_worth_bankruptcy/city-of-fort-worth-planning-for-budget-deficit/

Faced with a dire economic situation, the Kansas City School District is considering closing 30 schools.

 

In bankruptcy news, the Kansas City School District is said to be on the verge of bankruptcy unless major changes are made.  On Tuesday February 16 th, the district held meetings letting parents know that the district is considering closing 30 schools within the district.  Hundreds of people showed up to hear the news, and the …

Permalink: /breaking-news/kansas-city-school-district-teetering-on-the-edge-of-bankruptcy/

… have ranged from 6 to 11 percent since 1994.”

This shortfall has put increased pressure on city government budgets, many of which are suffering from deficits. Even in Dallas- Fort Worth, city officials are considering cuts to services to make up the budget difference. Most of the cities in Tarrant County depend heavily on property taxes which have become depressed because of the foreclosure crisis. And many homeowners who are not in foreclosure have taken their depressed home values …

Permalink: /fort_worth_bankruptcy/tarrant-countys-foreclosure-crisis-hits-city-budgets-hard/

… today that Forest Hill will begin offering free prescription drug discount cards.  Forest Hill City Manager, David Miller, explained the need for the program, “Whether or not an individual had prescription coverage, this program can make it easier for our residents to afford the drugs they need to deal with short-term illness.”   The program cards will be administered through CVS Caremark and can be used at CVS stores even outside of the Forest Hill area.  It will serve as a …

Permalink: /lawsuits/health-care-relief-through-city-of-forest-hill/

… Hoene said. “That means service cuts and quality-of-life changes that define who you are as a city.”

“A steep drop in property tax revenues has had a major impact on cities, about 95 percent of which collect and rely on property tax revenue to fund services. About half have a local sales tax and 10 percent have a local income tax.”

We predicted that this would happen back in February, see the article here: …

Permalink: /dfw_metro_bankruptcy/foreclosure-crisis-takes-a-toll-on-city-budgets/

… today that Forest Hill will begin offering free prescription drug discount cards. Forest Hill City Manager, David Miller, explained the need for the program, “Whether or not an individual had prescription coverage, this program can make it easier for our residents to afford the drugs they need to deal with short-term illness.” The program cards will be administered through CVS Caremark and can be used at CVS stores even outside of the Forest Hill area. It will serve as a discount …

Permalink: /dallas_attorney/healthcare-relief-through-city-of-forest-hill/

According to an article at AFP, President Obama and the White House have created a “Council on Automotive Communities and Workers,” which will recommend policies to help auto workers who have been hit by a tidal wave of automaker bankruptcies and job losses.

The article said:

“After decades of industry decline, workers have recently been buffeted by plant closures, slumping car sales and production plant sell-offs. According to the government’s own estimates, 400,000 …

Permalink: /breaking-news/president-obama-creates-council-on-automotive-communities-and-workers/

According to an article in the Dallas Morning News, the City of Dallas is facing a $100 million budget deficit that may cause them to cut services to close the gap.

The article said:

The first round of proposed cuts has put the jobs of nearly 350 city employees at risk and placed everything from police overtime to Dallas Zoo exhibits on the chopping block.

Though City Manager Mary Suhm has said she is not prepared to propose a tax increase, she …

Permalink: /breaking-news/as-dallas-budget-deficit-looms-city-considers-drastic-cuts-to-services/

… package won’t do much to stop the brewing storm of unemployment that is touching every major city in the country. Not only are the number of job losses rising; but the time that a worker remains unemployed is becoming longer and longer, putting stress on the current unemployment benefits safety net.

There’s not much that an individual can do to stop job losses; but there are some actions a worker can take to be prepared. If you are currently employed, don’t wait until you hear …

Permalink: /job_loss_unemployment/nearly-100-of-major-cities-city-see-rise-in-unemployment/

It’s final, Circuit City will be completely liquidated in bankruptcy and more than 40,000 workers will experience job losses, shopping centers will lose rental income, already struggling newspapers will lose advertising revenue and many suppliers and vendors will go bankrupt because they simply will never get paid. According to an article in the Dallas Morning News, the Circuit City bankruptcy is bigger than any …

Permalink: /filing_bankruptcy/circuit-city-bankruptcy-will-be-felt-throughout-the-economy/

According to an article in the Star-Telegram, Circuit City, which filed for Chapter 11 bankruptcy in 2008, has announced that it will be going out of business, closing all of its 567 stores in the U.S. and slapping the economy with over 34,000 job losses. The announcement came after two potential buyers for Circuit City fell through a bankruptcy trustee approved the complete liquidation of Circuit City’s remaining assets.

This is a huge …

Permalink: /bankruptcy/over-34000-jobs-gone-as-circuit-city-collapses/