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Issues

Central Basin’s secret $2.7 million fund broke law

March 25, 2014 J,

The troubled Central Basin Municipal Water District violated the state’s open meeting laws when it created a $2.7-million fund in virtual secrecy, an investigation by the agency’s attorneys concluded. The fund, created for a groundwater storage project, was managed without public hearings or notifications, and records related to it were among those subpoenaed by federal [...]

How to Become a (Public Pension) Millionaire!

March 25, 2014 J,

Detroit and San Bernardino and Stockton, California are in bankruptcy, and across the country the costs of maintaining pensions for city and state employees more than doubled to nearly $84 billion in 2011 from 2002. Yet the American Federation of State, County and Municipal Employees (Afscme) declares that public pensions are “modest,” noting that its [...]

Vallejo bankrupt again? ‘We are not going there’

March 25, 2014 J,

The Vallejo city council last week voted to close a $5.2 million gap in the current budget, showing no alarm that in a five-year forecast the gap reopens, mainly driven by rising pension costs. Moody’s, a Wall Street credit rating agency, said in a report last month that Vallejo and two California cities currently in [...]

CA Schools have $37 Billion in Unissued Bonds

February 26, 2014 J,

California’s pot of school bond money may be empty, but school and community college districts have more than $37 billion in authorized – but unspent – school-construction bonds, according to a report by the state’s debt commission. Since November 2002, there have been 681 school and community college elections that yielded about $90.1 billion in voter-approved borrowing authority to [...]

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