The Municipality of Bacoli's bankruptcy declaration has been signed by the prefectural commissioner, Francesco Tarricone. The commissioner, who has been in charge of the local authority for two months, acknowledged the budget's rejection due to a lack of adequate funding from the commissioner and the auditors, and has initiated bankruptcy proceedings. The default report highlighted "a constant lack of liquidity and failure to meet legally mandated expenditures." The documents will now be sent to the Ministry of the Interior and the Court of Auditors to determine any liability. The actions of the administrators over the past five years are under scrutiny. The failure to balance the budget led to the resignation of Mayor Giovanni Picone last April, just nine months after his election. His resignation followed the City Council's failure to approve the Urban Traffic Plan, which would have guaranteed new revenue and avoided bankruptcy. The financial crisis will inevitably lead to an increase in local taxes, to which the maximum rates will apply.
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