Bankruptcy, It’s Not Just For California Anymore

Sadly, it may be coming to a town near you

Elbert County, Colorado is broke, its county assessor has been indicted, its election manager may get hit with perjury charges, its budget officer quit in July (and left the country!), and it has been mortgaging its assets to pay the bills.

Elbert County is a small-town rural county on the Eastern plains, but it does not appear to be impoverished in general.  According to U.S. Census figures, in 2008 it median household annual income was about $19,000 than the statewide median.

So how could this happen?

For fiscal years 2006 through 2009, expenses have exceeded revenues. According to financial records obtained by Whistler, Elbert County took in $8.5 million in revenue in 2009 but spent more than $13 million.

I guess that explains it.

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Published in: on September 17, 2010 at 3:51 pm  Leave a Comment  

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