Financial Management: Cleveland's Financial Crisis

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Report Type	Reports and Testimonies
Report Date	Aug. 21, 1996
Report No.	GGD-96-164R
Subject	Budget deficit Deficit reduction Financial management systems Municipal bonds Municipal budgets Municipal governments Municipal taxes Privatization Urban economic development Economically depressed areas

Summary:

Pursuant to a congressional request, GAO provided information on the city of Cleveland's financial recovery in the 1970's. GAO noted that the city: (1) established several public-private partnerships to deliver more efficient and economical city services; (2) increased income taxes to 1.5 percent to avoid bankruptcy; (3) established a Financial Planning and Supervision Commission to develop a sound financial recovery plan; (4) issued the state of Ohio short-term notes and general obligation bonds to repay its defaulted loans; and (5) set up an improved financial management system to track and control expenditures, reduced its full-time workforce by 1,300 employees, and required the Municipal Light and Power Company and other city enterprises to operate on a self-supporting basis.

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Financial Management: Cleveland's Financial Crisis