[QUOTE=Arrowwind09;201444]
This clip from Forest Gamble explains how cities who are filing for bankruptcy often have tons, and i mean tons of money held in reserve. He cites Stockton, California, which recently filed for bankruptcy. So what the heck is going on and is this going on in your state, in your city?
/QUOTE]
This is not surprising as most government bodies like this have two sets of books.
One is budget that is presented to the public showing all the moneys coming in and where it is spent. Obviously if the money going out is greater then the money coming in then the �officials� will say that we need to rise taxes or we will have to cut services which will effect the poor and the children..
The other is called �comprehensive financial report�. This gives a listing of all other assets, stocks, land, etc. and any other investments they might have. These investments can substantial and can be growing in value but this report is rarely mentioned when they are talking about the budget.
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