ISLETON, Calif. — It has been more than a year since the Isleton financial crisis began, and there is still no end in sight. City leaders met Tuesday evening for a presentation on the few paths available to climb out of debt, but none are simple, cheap or guaranteed to keep the city intact.
City Finance Director Jessica Bigby summarized the city’s position: Isleton originally carried about $5.1 million in debt; officials have reduced that to roughly $4.6 million. But Bigby warned the city’s options are limited.
“We are too broke to go bankrupt, and we do not have the pencil-out ability to go into disincorporation,” Bigby said. She and staff recommended the city continue its current approach of slowly paying down the debt…