Posted on Sunday, Jan. 31, 2010
Miami leaders fear a financial meltdown
By CHARLES RABIN AND MICHAEL SALLAH
Facing a widening financial crisis, Miami leaders are already projecting a $45 million budget shortfall this year that could force the city to deplete its reserves and sell key assets to stay afloat.
Rising costs, slumping property tax collections and ever-growing pension obligations are feeding a meltdown that's now forcing administrators to look for drastic new sources of income not needed since the state took over Miami's books 14 years ago.
``We understand the gravity of the situation,'' said Miami Mayor Tomás Regalado.
Author's nite: Wondering why article fails to mention Marlins Stadium project?
Comments