NEW: Reciever: Time Running Out For Central Falls
Monday, June 27, 2011
After announcing the closure of two buildings and the layoffs of 12 city employees, Central Falls Receiver Robert Flanders issued a statement regarding the deteriorating fiscal condition of the city.
"The financial condition of the City of Central Falls continues to deteriorate, creating a situation that has now become urgent as the City is facing ever more acute financial and cash flow pressures," Flanders said. "I have today announced the closure of the City library and community center as part of my effort to reduce costs. I have also begun to meet with municipal union leaders, creditors, and other interested parties in the hope of reaching agreements that can return the City to financial stability."
Flanders warned that time is running out for the city.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
"Time is running out and while my obligation as Receiver includes maintaining essential municipal services, absent the securing of significant cost reductions in the near future, all options, including bankruptcy, remain on the table. To protect the integrity of the process of obtaining cost reductions, I will have no further comment until such a time as an announcement is warranted," he said.
