Report: Baltimore Could Soon Go Bankrupt (VIDEO)

Baltimore City Report: Baltimore Could Soon Go Bankrupt (VIDEO)Could the city of Baltimore be headed for financial ruin?

So claims a report due out on Wednesday that was obtained by the Associated Press.

The new 10-year forecast shows that Baltimore City will rack up $745 million in budget deficits over the next decade due to a widening gap between projected revenues and expenditures, according to Fox News.

If the city’s infrastructure needs and liability for retiree health care benefits are lumped in, the total shortfall reaches $2 billion over 10 years, according to the new report. The city’s annual operating budget is $2.2 billion.

The report was prepared by Public Financial Management Inc., a Philadelphia-based consulting firm that has prepared similar forecasts for Miami, Philadelphia, Pittsburgh, and Washington D.C.

“When you have budget after budget and you know that there are systemic problems, I felt an obligation to do more than what we have done in the past,” Mayor Stephanie Rawlings-Blake told the Associated Press. She says the forecast shows the fact that the city needs to address its financial woes “before it’s too late, and somebody is coming in and making these choices for us.”

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

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