Report finds Baltimore will go bankrupt if changes aren't made

BALTIMORE - Baltimore is on the path to financial ruin, that according to a report that's due out Wednesday.

It shows that if drastic measures are not taken, it won't be long before the city goes bankrupt. 

The Associated Press obtained the 10 year financial forecast ahead of its release to the public on Wednesday.

It shows the city will accumulate a $745 million budget deficit over the next decade because of a growing gap in how much the city earns and the amount it spends.

That deficit would be even bigger at $2 billion if you factor in what the city needs for infrastructure repairs and retiree health care benefits.

According to the report, if the city does not enact major reforms, it will go bankrupt.   

The 10 year forecast was commissioned by the city from an outside firm.

Mayor Rawlings Blake is expected to propose financial reforms next week based on the report.