Business & Economy

Bell back on financial feet after near-bankruptcy

Residents of the City of Bell, holding protest placards and calling for the ouster of city officials, arrive for the start of a council meeting on July 26, 2010 in Bell.
Residents of the City of Bell, holding protest placards and calling for the ouster of city officials, arrive for the start of a council meeting on July 26, 2010 in Bell.
Kevork Djansezian/Getty Images

A Los Angeles suburb facing potential bankruptcy following a corruption scandal is back on its financial feet.

Related: Bell corruption trial: Jury finds Angela Spaccia guilty of corruption, conspiracy charges

The state controller had warned that the city of Bell could end the year with a million-dollar shortfall. But City Manager Doug Willmore tells the Los Angeles Times that Bell now has two years of reserves in the bank.

The city raised $15.5 million by selling property and got $5.5 million from firms it blamed for failing to prevent officials from giving themselves exorbitant raises.

Five former City Council members and assistant city manager were convicted of crimes.

Related: Bell ex-official Robert Rizzo pleads guilty to federal tax evasion charges

Former city manager Robert Rizzo has pleaded no contest to 69 criminal counts. He's also agreed to plead guilty to filing a false income tax return.