Municipal pain is at its worst level on record, according to annual report from the National League of Cities.
Revenue is 3.2% lower than last year, which was already at record lows. It may get worse next year as property taxes decline to reflect fallen property values.
Cutbacks in government spending are also at record levels.
The fiscal bloodshed you hear about in Los Angeles and New York -- not to mention state governments -- is probably taking place in your home town.
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