Antioch city leaders warn of possible bankruptcy

May 19, 2010 8:11:25 AM PDT
Antioch city leaders are admitting for the first time the city faces bankruptcy if it doesn't balance its budget.

Finance staffers say the city needs to shave almost $3 million just to maintain a reserve fund.

Antioch is dealing with a sharp drop in property and sales tax revenue. The city has already laid off 28 workers, instituted weekly furloughs and reduced services.

The council is trying to gauge community support for a parcel tax.