Declaring a fiscal emergency, and implementing appropriate remedial measures, may be an unfortunate reality for some local agencies in light of the COVID-19 epidemic.
Declarations of Fiscal Emergency: A Resurging Option for Public Entities Attempting to Deal With The Current Economic Climate
Conventional wisdom has been that declarations of fiscal emergency do not work. With the recent sharp downturn in the economy, the conventional wisdom may no longer be correct.
We already know enough to begin to act, and the longer we delay, the deeper the ultimate cuts.