GONE: Phil Pearce quits after "insolvency" revelations.
NEWCASTLE City Council lost its general manager last Wednesday, January 16, as the organisation faces an unprecedented financial crisis.
Phil Pearce announced his shock resignation at 3.54pm, just hours after it was revealed the city was facing "possible insolvency" and was considering bulldozing park benches and toilet blocks to save on maintenance costs. If nothing is done by 2022, annual deficits will top $64 million.