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.
Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Inside the Baltimore Police Department's watch center is the hub from which city police can view hundreds of crime cameras, pull up street corners and follow suspicious activity sometimes in progress; fancy hardware increasingly complimenting witty software.
ABC2 Investigators uncover Baltimore Police officers making huge amounts of overtime as the agency downplays the total amount spent on OT.
Scripps reviewed dozens of lawsuits and spoke with former insiders who all allege the companies that handle Berkshire Hathaway Inc.’s asbestos and pollution claims, wrongfully delay or deny payment to cancer victims...
More Baltimore City News