Report: City Of Bell On Brink Of Insolvency
BELL (AP) — A report reveals the scandal-ravaged city of Bell is teetering on the brink of insolvency and drastic cuts in city services likely will be necessary to repair its finances.
The Los Angeles Times reports Friday that the report by the Los Angeles County auditor-controller is expected to be released next month. The findings were discussed with The Times by officials familiar with its contents who spoke on condition of anonymity because the document remains under seal.
The audit found that the city has been running a deficit of several million dollars over at least the last three years under former Chief Administrative Officer Robert Rizzo.
Rizzo and seven other current and former city officials have been charged with misappropriating $5.5 million in public funds.
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