Long Beach is a beautiful waterside village on Long Island which sports a lot of expensive homes and restaurants. If they are suffering a dire fiscal emergency, Long Islanders better start worrying.
The city manager and City Council in Long Beach are expected to pass a resolution declaring a fiscal emergency on Tuesday night to give City Manager Jack Schnirman more authority to tighten and veto spending.
Long Beach owes $48.3 million in general obligation debt.
Last month, the city was downgraded five investment rating levels by Moody’s Investors Services.