Today the Dow Jones Industrial Average closed below its low for the year signaling more turmoil ahead for public pension funds. Some analysts are starting to believe it’s all but likely to fall even further.

This market downturn is occurring just as the fiscal year of many public pension systems come to a close on June 30th.

Public pension funds across the country have lessened their risk exposure over the past year which may provide some level protection from falling equity prices.

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Last week debt-weary congressional Democrats pulled an aid package targeted at debt-ridden states, including California.

The action will cost California big. Just add another $2 billion to the current $20 billion crater. An increase of 10%.

Politicians are becoming increasingly fearful of an angry electorate now fully aware of increasing deficits. A result of out of control pork-barrel spending by both parties.

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Written by Administrator
June 7th, 2010 at 12:26 pm

Today San Bernardino Superior Court Judge Duke Rouse denied without prejudice the People’s motion to allow hearsay into evidence in the trial of Rex Gutierrez. Gutierrez, who is charged with two counts of grand theft, one count of embezzlement, and one count of presenting a false claim. At the last moment, the People attempted to claim that Rancho Cucamonga businessman Jeff Burum conspired with former Assessor Bill Postmus to hire Gutierrez so that Burum would have him available to him. None of this was brought up during the preliminary hearing but instead appears to be a ploy to save this prosecution. However, neither Postmus, Gutierrez or Burum have been charged with this “conspiracy.”

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Written by Administrator
June 7th, 2010 at 12:20 am

Dr. GnanaDev,

Rumor has it that you claim you do not understand why you are being attacked. Well let me tell you all about it from my personal perspective.

I have discussed the issues with some of your colleagues but I also worked at Arrowhead Regional Medical Center (ARMC) for just over a year. Much of what I write about I witnessed first hand.

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11:27 PM PDT on Sunday, June 6, 2010

By DUANE W. GANG
The Press-Enterprise

Riverside County’s top administrator Tuesday will present supervisors with a $4.7 billion budget for the fiscal year that starts July 1.

The spending plan is nearly 11 percent less than the current budget and represents continued declines in revenue.

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10:28 PM PDT on Sunday, June 6, 2010

By DARRELL R. SANTSCHI
The Press-Enterprise

San Bernardino City Unified School District board members have finalized plans to remake five schools, convert six others to charter status and replace nine of the 11 principals at those low-performing schools.

Now the district awaits word from state officials on how soon to submit applications for grants of $50,000 to $2 million at each of the schools to help boost student achievement.

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Derry

Neil Derry
Posted: 06/06/2010 05:51:16 PM PDT

This is my first full budget cycle as the newest member of the Board of Supervisors. As a candidate, many people approached me to provide insight into the workings of San Bernardino County government. As a newly elected supervisor, many more provided their perspective and painted their colorful pictures. However, I was determined to educate myself and observe the inner workings firsthand so that I could arrive at my own conclusions instead of being influenced by the biases of others.

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Falling revenues force city cuts
Wendy Leung, Staff Writer
Created: 06/06/2010 07:03:29 AM PDT

RANCHO CUCAMONGA – City Hall employees will take a week of unpaid vacation this year as the city enters its third straight fiscal year of revenue decline.

The planned furlough – to effect about 350 full-time employees – along with attrition and a dip into the reserves, will help the city meet its fiscal challenges without affecting services to residents, Jack Lam told the City Council at a budget workshop last week.

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Both sides making their final appeals before Tuesday’s vote
Jesse B. Gill, Staff Writer
Posted: 06/06/2010 09:54:49 PM PDT

REDLANDS – Tuesday will be the final day in the battle for Measure O, and both sides are making their final appeals to voters.

The future of mega-retail development in Redlands will hang on the success – or failure – of the measure. More immediately, the measure could affect plans Wal-Mart has to build a supercenter in north Redlands.

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June 06, 2010 12:13 PM
JESSICA CEJNAR, Staff Writer

NEWBERRY SPRINGS • The developer of a proposed 850 megawatt solar project east of Newberry Springs is scaling back the size of the project by about 2,000 acres to protect desert tortoise habitat and plant life.

Tessera Solar reduced its Calico solar project to 6,215 acres from 8,230 to comply with a request from the U.S. Fish and Wildlife Service. Despite the reduction in size, the amount of electricity the project is expected to generate will not change, company representatives say.

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By Rob Hotakainen and Jack Chang
rhotakainen@mcclatchydc.com
Published: Monday, Jun. 7, 2010 – 12:00 am | Page 3A
Last Modified: Monday, Jun. 7, 2010 – 7:17 am

GOP gubernatorial front-runner Meg Whitman said Sunday that Sacramento has “a spending problem of epic proportions” and vowed to crack down on mismanagement and fraud if she’s elected governor in November.

Appearing before a cheering crowd of a few hundred supporters at a rally in Elk Grove, Whitman promised to focus on jobs, spending, education and illegal immigration in the Governor’s Office.

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