Bankrupt Vallejo Weighs Fiscal Plan to Restructure
This article is for subscribers only.
The city manager of Vallejo, California, proposed a fiscal plan to help end the state’s largest municipal bankruptcy since Orange County sought court protection in 1994.
The five-year budget would help pay down $195 million in unfunded pension obligations, trim payments for retiree health-care premiums to $300 a month, curb benefits for new workers and create a so-called rainy day fund.