Wednesday, January 12, 2011

Yahoo Finance includes Joliet, Illinois in list of cities that could go bankrupt

Yahoo Finance has placed Joliet on a list of 16 cities that could face bankruptcy in 2011.

According to the article:

"Joliet, Il

Deficit through December 2011: $21 million
Budget in FY2010: $274 million
Annualized gap: 7.7%
Last year, the city increased property tax by over 12 percent and hiked water and sewer rates by 45 percent over three years to help with the deficit. The city council also cut police and public sector jobs."
The City of Joliet budget will obviously be a big issue in the 2011 April Mayoral race in Joliet.  
The following people are running for Mayor of Joliet:
Kevin Hegarty
Andy Mihelich
Jan Quillman
Tom Giarrante
Diane Harris
Lester Brown
Michael J. Marconi
Warren Dorris
Dale Vollmer
The election will be held April 5, 2011.