Long Beach, N.Y., stung by a recent five-notch downgrade by Moody’s Investors Service and an independent audit that cited improper budgetary practices, has declared a fiscal emergency.

Tuesday night’s 5-to-0 vote gives city manager Jack Schnirman power to curb and veto spending items, even those already passed as part of a $60 million budget. Schnirman took office in January, succeeding Charles Theofan.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.