City leaders say they need to examine the city’s spending moving forward
(KTRS) – Ferguson’s financial woes continue in the wake of last year’s unrest following the shooting of Michael Brown. The Post-Dispatch reports that Mayor James Knowles and other officials met with leaders at Emerson last week.
The town’s financial situation continues to deteriorate. In July of 2013 the city has $25 million in reserves, by June 2016 the reserves could be less than $5 million. Additionally, the credit rating agency Moody’s has downgraded the city’s bonds to junk status.
Mayor Knowles told the paper that there was no direct ask or offer for help made during the meeting. City leaders say they need to examine the city’s spending moving forward.
Ferguson is also preparing to comply with requirements under an agreement with the Justice Department–the agency’s changes could come with a hefty price tag.