Long Beach Herald 05-12-2022

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Celebrating

May 12, 2022

HERALD Also serving Point Lookout & East Atlantic Beach

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Vol. 33 No. 20

1173531

________________ LONG BEACH _______________

MAY 12 - 18, 2022

Photos by Tim Baker/Herald

After YeArs of struggling to regain its financial footing, Long Beach appears to have reached a turning point, thanks to no-nonsense fiiscal management.

L.B. finally sees financial turnaround W By JAMes BerNsteIN jbernstein@liherald.com

After decades of dealing with financial troubles — a massive lawsuit, mounting debt, a payoff scandal and low ratings from Wall Street — Long Beach officials say they believe the city has reached a fiscal turning point. At its most recent meeting, on May 3, the City Council received a favorable report from its outside auditing firm, the Bonadio Group. Tim Doyle, a principal at the firm, said that an audit of the city’s fiscal year ending June 30, 2021, showed improvements in Long Beach’s finances. “The city has been chipping away” at its financial problems, said Doyle, whose firm has been auditing Long Beach’s finances for three years. The glimmer of good news is attributable in large part to the settlement, after three decades, of a $151 million lawsuit by the developer Sinclair Haberman, who took the city to court after his plan to build oceanfront apartments was thwarted. Haberman claimed that city officials failed to support his proposal before the Zoning Board of

yet.

e’ve made tremendous strides, but we’re not there

KAreN MCINNIs

president, city council

Appeals. A tentative settlement, announced last December and now approved by both sides, calls for the city to pay Haberman $75 million, and to allow the developer to build two 13½-story apartment buildings on Shore Road. They would be the tallest buildings in the city. State Sen. Todd Kaminsky, a Democrat who lives in Long Beach, secured legislation that will allow the city to borrow up to $77 million using Continued on page 15

CItY Bus serVICe was canceled for almost a month in 2018 due to a financial crisis that also threated layoffs of part-time employees.


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