Baltimore could be on a path to bankruptcy without “serious fiscal reforms,” warns a 10-year forecast commissioned by the city’s Mayor Stephanie Rawlings-Blake.

The forecast, produced by Philadelphia-based Public Financial Management, Inc., shows the city will likely face a fiscal gap of about $30.3 million in fiscal year 2014 that grows to nearly $125 million by fiscal 2022. The city also faces an unfunded retiree liability of more than $3 billion and an “infrastructure gap” of about $1.1 billion, according to the report.

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