MuniLand Snaps: June 22

June 22, 2012

City Controller Alan Butkovitz released an audit of Philadelphia’s Video Surveillance program that found the city spent $13.9 million for surveillance cameras but that only 102 of the 216 installed cameras were functioning properly. This has resulted in a cost to the city of $136,000 per operating camera. “The cost is exceedingly alarming, and outright excessive – especially when $13.9 million is equivalent to the cost of putting 200 new police recruits on our streets,” said Butkovitz.

Good Links

USA Today: State, local spending remains at a restrained level

WSJ: Food-stamp fiasco

Rolling Stone: The scam Wall Street learned from the mafia

Bond Buyer: Variable and auction-rate securities dwindle

Bloomberg: Impoverished city learns about the risks of subsidizing soccer Long: Woonsocket “is in a death spiral” that’s not ALEC’s fault

Reuters: Grim prospects for Stockton, California as bankruptcy looms

Bloomberg: Stockton slide to bankruptcy measured in more funerals

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