Chris McKenzie News
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In Farmersville, California, a city of 11,000 in the agricultural San Joaquin Valley, firefighters sleep in the city council chambers, share a bathroom with the public and prepare meals in a city hall break room.
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Exorbitant. Outrageous. Obscene. Unconscionable.
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The California Public Employees’ Retirement System, the largest U.S. pension, is defending government workers against criticism of their benefits even while it risks losses as municipalities, faced with rising retirement costs, file for bankruptcy.
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California lawmakers are considering a package of bills designed to limit public-employee compensation in the wake of reports that the former manager of the Los Angeles suburb Bell was paid almost $800,000 a year.
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California’s plan to use $1.7 billion from redevelopment agencies for the state budget was put on hold by the California Supreme Court.
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Stockton, California, might inspire other cities to avoid Chapter 9 filings by bringing in a mediator to untangle municipal finances without going to court, according to a lawyer who helped write the new law it’s invoking.
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Holders of almost $30 billion of California redevelopment bonds will be repaid on time, even as the 425 agencies responsible for them are dissolved today, Finance Director Ana Matosantos said.
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As many as 100 municipalities that took over bond obligations when California erased redevelopment agencies may not get the tax revenue they’re counting on tomorrow to make payments, the state Finance Department said.
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California was sued by cities challenging new legislation that would require redevelopment agencies to turn over about $1.7 billion to the state.
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The mayors of California ’s biggest cities say they plan to present an alternative to Governor Jerry Brown ’s proposal to eliminate redevelopment agencies in the most populous U.S. state to help fill a $25.4 billion deficit.
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