The Sacramento County Board of Supervisors approved 100 layoffs and the elimination of 70 empty positions Tuesday to cut spending by $14 million.

The move follows a series of recent credit rating downgrades that cited the county’s failure to balance its budgets over the past three years. Fitch Ratings, Standard & Poor’s and Moody’s Investors Service all downgraded California’s eighth-most populous county earlier this month.

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.