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It is a pattern typical of the District 2 representative, whose political theme is “fiscal mismanagement.”
City Treasurer Wanda Brown and District 4 Councilmember Ralph Franklin acted swiftly to exert rumor control and restore confidence.
Currently, the City’s deficit is about $10 million, which is greater than was earlier reported. However, Brown said, the City does have reserves and is not in dire straits, as Dunlap has claimed.
“Her [Dunlap] method is to project panic, hysteria, and fear. When a city is facing bankruptcy it means it cannot pay its bills. Inglewood paid $41.8 million in bills from December 2009 through February 2010. In addition, nearly $9 million was paid in payroll.”
Brown oversees a $276 million investment portfolio.
The City deficit, she said, is part of the overall decline in revenue suffered by all cities. “This is a nationwide issue. Even our own state is facing a deficit of $26 billion or more. Cities are experiencing declining grants, home and job losses.”
Franklin said Dunlap has repeatedly created alarm about the city’s finances at council meetings. When the topic came up on Tuesday, he asked Brown to publicly clarify whether the City was going bankrupt.
“She reassured us that, no, this was not the case.”
The City’s investment portfolio currently has more than $52 million in liquid assets that could be tapped into if needed. The city’s redevelopment agency has over $200 million in funds available for housing, retail and other joint development projects.
Franklin also summoned Jeff Muir, Inglewood’s Chief Financial Officer to verify Brown’s findings. Muir agreed with Brown, but warned that the city needs to tighten its belt, it is drawing daily on reserves.
“We are not immune to making adjustments,” Franklin said. We’re looking at current operations to see where we can tweak city management, and whether we need to do more outsourcing. We can not continue operating in a structured deficit, and will look at every means possible to lower costs.”
Dunlap has sat on the Inglewood City Council for more than 16 years and ran unsuccessfully for mayor multiple times. She filed personal bankruptcy in 1991 and has been evicted from her residence at least once. Currently, there is speculation about the validity of her residency, and her ability to maintain
Article courtesy of Inglewood Today. For more stories, visit Inglewood Today online.| < Prev | Next > |
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