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: Instapundit.com

A DEATH COUNTDOWN FOR Gary, Indiana? ?The current Gary financial monitor?s report makes for frigh?

By Glenn Reynolds

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A DEATH COUNTDOWN FOR Gary, Indiana? “The current Gary financial monitor?s report makes for frightening reading. Property tax revenue is scheduled to drop 50%+. There is no likelihood of a local income tax and Indiana does not share its sales tax revenue with local government. One of two casinos operating in Gary has entered bankruptcy and even before then a dispute with the casino operators disrupted payments to Gary. The bad news keeps on rolling for 265 pages.” Municipal finance is, sadly, pretty bad in lots of places. But when even casinos are going bankrupt, it’s not a good sign . . . .


Full post as published by Instapundit.com on December 28, 2009 (boomark / email).

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