Contra Costa Times editorial: To avert disaster, Richmond must apply the fiscal brakes -- now


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Watching Richmond officials deal with city finances is like viewing a slow-motion train wreck. Let's hope someone applies the brakes quickly.

Unfortunately, it probably won't be City Manager Bill Lindsay, who insists, wrongly, that the budget is structurally balanced. It won't be Mayor Tom Butt or Councilwoman Gayle McLaughlin, who parrot that false claim.

Two major rating agencies have slammed the city's fiscal management. Of the 68 California cities rated by Moody's Investors Service, only Richmond has been dropped to junk-bond status.

 

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