Detailed text transcripts for TV channel - CNN - 20100314:06:47:00
Through this economic downfall to keep a police department? >> unfortunately, we have no reserve. >> reporter: mayor glenn newsom calls it the perfect economic storm. just as the city was dealing with nationwide problems like declining tax dollars, the real estate bust, and unemployment, it was hit by an unusually cold winter, and the city runs the area's power, gas, and water systems. >> people came in and said we can't pay the utility rates. so the council decided to lower the utility rate for electricity. it's called a power cost adjustment. when they lowered that, that reduced anticipated ...