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East Bay suburb declares fiscal emergency

The Bay Area suburb of Moraga declared a fiscal emergency, Bloomberg reports, as the affluent town takes a legal step required by the state before it can speed up a referendum to raise fees and bring in more revenue. “We just don’t have enough revenue to take us through the future for many more years before we would really be in some of the situations other cities are, where they’re laying off mass numbers of employees or declaring bankruptcy,” town manager Robert Priebe told Bloomberg. Trending:…

Article by Riley McDermid (c) San Francisco Business News - Local San Francisco News | The San Francisco Business Times - Read full story here.