In the smaller towns the police and fire agencies always comprise the majority of the budget. Especially when those programs start paying out on a lot of retirees. That’s one reason most of our small municipalities have contracts with the County Sheriff rather than try to run their own agencies.

The bust of some of these investment programs is going to spread to a lot of cities and counties before this is all over. The OC went BK a few years ago over bungled investments – that one included some derivatives.