One of California's Richest Towns Is Running Out of Money: Reports

Austerity Measures Coming to Atherton as Town Faces $15 Million Deficit

Town Officials Blame Rising Pension Costs, Declining Property Values for Financial Woes

Atherton, one of California's wealthiest towns, is facing a $15 million deficit and is preparing to implement austerity measures. The town's financial woes are due to rising pension costs and declining property values, according to town officials.

The town's budget has been strained by the rising cost of pensions for its employees. Atherton is one of many California towns that have been hit hard by rising pension costs. The town's pension fund is currently underfunded by $100 million.

The town's property values have also declined in recent years. This has led to a decrease in property tax revenue, which is the town's main source of income. The town's property values have declined by 10% in the past year.

The town is considering a number of austerity measures to address its budget deficit. These measures include cutting staff, reducing services, and raising taxes. The town is also considering selling some of its assets, such as its golf course.

The town's financial problems are a sign of the challenges facing many California towns. Rising pension costs and declining property values are putting a strain on local budgets. These towns are being forced to make difficult choices about how to balance their budgets.