Some Ontario towns are heading toward bankruptcy
Posted October 5, 2012 1:07 pm.
This article is more than 5 years old.
A number of Ontario towns and cities could go bankrupt because of golden parachutes paid out to former employees.
A study by the group fair pensions for all says Hamilton, Kitchener and Guelph are feeling the pinch.
The Sun reports Hamilton paid out $280,000 last year for unused sick leave to five former employees in addition to $167,000 in unused vacation time.
The Association of Municipalities Ontario tells the Sun you cannot compare the plight of American cities with Canadian cities because they have different revenue sources and municipalities here are required by law to balance their budgets.
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