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Long Beach declares fiscal emergency

Originally published: February 7, 2012 10:15 PM
Updated: February 7, 2012 11:43 PM
By CANDICE RUUD AND ELLEN YAN.  candice.ruud@newsday.com,, ellen.yan@newsday.com

Democratic Councilman Michael Fagen responds to a presentation

Photo credit: Newsday/Danielle Finkelstein | Democratic Councilman Michael Fagen responds to a presentation by an external auditor regarding Long Beach's struggling finances. (Feb. 6, 2012)

The Long Beach City Council declared a fiscal emergency for the city Tuesday as it faces a $48.3 million debt with low cash reserves.

The 5-0 vote gives newly appointed City Manager Jack Schnirman more authority to rein in and veto spending items, even if those are already in the budget.

"The fiscal emergency first and foremost displays to the rating agencies that we're serious about...

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