Recently the Binghamton Press & Sun-Bulletin published a letter to the editor written by LRANY’s Phoebe Stonbely. This piece touched on the looming issue of New York’s municipalities facing bankruptcy and looked to lawsuit reform and a ripe solution.
“As Detroit begins bankruptcy proceedings, many are beginning to worry that New York’s cities could be next. Last week, municipal leaders expressed serious concerns about our local governments’ fiscal health (“N.Y. leaders warn: ‘We don’t want to be Detroit’”, July 24).
Of course, warning signs have been evident for years now; a 2012 report by the state comptroller’s office highlighted the fiscal pressures that our local governments are facing; in 2010 and 2011, almost 300 municipalities experienced a year-end deficit.”