10/22/2012 11:13:00 AM EST
NY Cities ‘Close to Bankruptcy’
Several of New
York's largest cities, including Rochester, Syracuse and Yonkers, are "close
to bankruptcy," a source close to the mayors of those cities said last
week. The mayors have been in secret talks on their financial options in recent
weeks, and aides to Gov. Andrew Cuomo (D) are working on a plan to link aid to
the cities to "workout plans" that reduce the cities' labor, pension
and education costs, the source said.
"The mayors have got to come to the state with a plan that explains what's
causing their problems and how they plan to solve it," said a Cuomo
administration official. "To come to us year after year for a handout as
they have been doing, only to come back next year asking for the same handout,
is a nonstarter. It doesn't work."
Creating local control boards for the cities is reportedly another measure
being considered. Whatever the changes, however, Albany Mayor Jerry Jennings,
who has also been in on the talks, said they'd better be big and come
"There has to be dramatic changes very soon; things are getting
worse," he said. (NEW YORK POST)
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