NY Cities ‘Close to Bankruptcy’

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 quick. 
"There has to be dramatic changes very soon; things are getting worse," he said. (NEW YORK POST) 

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