Archive for the ‘ Finance ’ Category

Dan Walters

By Dan Walters
dwalters@sacbee.com
June 23, 2016 – 4:24 PM

  • Gov. Brown wants to raise taxes for more repairs
  • However, public is opposed to paying more at pump
  • Republicans demanding CEQA reforms

California’s highways are in bad shape and getting worse every day, with a backlog of deferred maintenance totaling tens of billions of dollars.

Read the rest of this entry »

The Sun: Public employees’ pay packages questioned

Money

Joe Nelson, The Sun
Neil Nisperos, Inland Valley Daily Bulletin
Stephen Wall, The Press-Enterprise
Posted: 06/21/16 – 10:09 PM PDT |

Inland public employees aren’t just earning a paycheck, but collecting hefty compensation packages that often dwarf their base salaries, an open-records advocacy group announced Tuesday.

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Greg Devereaux

In 2015, San Bernardino County Chief Executive Officer Greg Devereaux’s total compensation was $549,803, up about $60,000 from the previous year, according to website Transparent California.

By Stephen Wall, The Press-Enterprise
Posted: 06/21/16 – 8:21 AM PDT |

Inland public employees aren’t just earning a paycheck, but collecting hefty compensation packages that often dwarf their base salaries, an open-records advocacy group announced Tuesday, June 21.

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Riverside County Seal

Both made the case for public safety spending as supervisors stress need for savings.

By Jeff Horseman / Staff Writer
Published: June 20, 2016
Updated:   June 21, 2016 – 6:59 a.m.

In recent years, Riverside County supervisors have given the sheriff’s and district attorney’s offices extra money on top of the millions they get to protect the public, even as other departments went without new county funding.

Read the rest of this entry »

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/20/16 – 10:14 PM PDT |

SAN BERNARDINO >> The City Council on Monday saw a budget for the 12 months that begin July 1 that anticipates aggressively filling some of the 130 vacancies in the city while maintaining a small surplus.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
June 20, 2016 – 4:12 PM

  • May’s auction realized just 2 percent of expected revenue
  • Analysts believe conditions bode ill for future offerings
  • Auction meltdown has placed hold on billions in spending

When California’s “cap-and-trade” auction of carbon emission allowances imploded a month ago, it clobbered ambitious plans by Capitol politicians to spend many billions of dollars.

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The Sun: San Bernardino headed toward unexpected budget surplus

San Bernardino City Hall

San Bernardino City Hall. (File photo)

By Ryan Hagen, The Sun
Posted: 06/19/16 – 10:25 PM PDT |

SAN BERNARDINO >> The bankrupt city spent less money and brought in more than it had expected in the fiscal year that ends June 30, according to budget documents the City Council will review Monday.

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InlandPolitics: Inland Empire governments renewed financial worries

Budget Woes

Sunday, June 19, 2016 – 12:00 a.m.

The economy is supposed to be doing just fine. Property taxes have all but fully recovered along with real estate prices.

But Inland Empire governments are expressing caution when discussing their finances.

Read the rest of this entry »

Money Squeeze

By Cassie MacDuff, The Press-Enterprise
and Cassie MacDuff, San Bernardino County Sun
Posted: 06/18/16 – 6:56 PM PDT |

Calimesa is just the latest city to hit the wall with Riverside County’s demands for more spending on public safety contracts.

Read the rest of this entry »

Riverside County Seal

Despite big funding shortfall, no employee layoffs or furloughs are planned.

By Jeff Horseman / Staff Writer
Published: June 17, 2016 Updated: June 18, 2016 6:27 a.m.

Riverside County’s budget plan calls for using reserve funds to close a $60.9 million shortfall, but no layoffs or furloughs are planned, according to a report from the county executive office.

Read the rest of this entry »

Jobs

Health services was one of the industries that added the most jobs in May.

Natalie Kitroeff
June 17, 2016

California’s job growth continued in May as employers added 15,200 people to their payrolls, according to a state data release.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
June 16, 2016 – 3:51 PM

  • Budget total remained same, despite new spending
  • Shift to bonds for jails lubricated negotiations
  • Borrowing undercuts Brown’s stance on debt

The state budget that’s sitting on Gov. Jerry Brown’s desk – $122 billion in general fund spending – is almost exactly the dimensions of what he had proposed in January and revised slightly in May.

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InlandPolitics: Pension fund resorts to 30 year performance measure

SBCO

Thursday, June 16, 2016 – 12:00 p.m.

You know things are getting tough when a pension fund starts mentioning its 30-year average average return in its investment reports.

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SBCO

By Joe Nelson, The Sun
Posted: 06/15/16, 5:56 PM PDT |

The San Bernardino County Board of Supervisors approved a $5.4 billion proposed budget and more than $12 million will be allocated for security enhancements following the Dec. 2 terrorist attack at the Inland Regional Center.

Read the rest of this entry »

Daily Press: Victorville adopts balanced $183.7M budget

Victorville

By Shea Johnson
Staff Writer
Posted:    June 15, 2016 at 4:05 PM
Updated: June 15, 2016 at 5:49 PM

  • Projected $56.1M general fund revenues up 3 percent

VICTORVILLE — The City Council adopted its fiscal year 2016-17 budget late Tuesday, predicting $183.7 million in city spending, including the general fund, with an additional $35 million in capital costs.

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The Sacramento Bee (AP): California Budget: By the numbers

California Budget

California
The Associated Press
June 15, 2016 6:44 PM

SACRAMENTO, Calif.

California lawmakers have approved a $122.5 billion budget that funds state government for 2016-17. The budget was negotiated by Democratic Gov. Jerry Brown, and the top two legislative leaders, Assembly Speaker Anthony Rendon of Paramount and Senate President Pro Tem Kevin de Leon, of Los Angeles.

Here’s a look at what’s in it, and some things that are not.

Read the rest of this entry »

Associated Press: Lawmakers to vote on $122 billion California budget

California Capitol

California State Capitol in Sacramento.

By Jonathan Cooper, Associated Press
Jun. 15, 2016 – 1:24 AM ET

SACRAMENTO, Calif. (AP) — California lawmakers are scheduled to vote on a state budget that boosts funding for safety net programs while socking away billions of dollars to prepare for a recession.

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InlandPolitics: San Bernardino County to increase budget reserves

Money

Monday, June 13, 2016 – 11:00 a.m.

The San Bernardino County Board of Supervisors is set to continue its policy of increasing the county budget cushion this year.

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SBCO

San Bernardino County administrators are set to receive a seven-percent increase in compensation over two years.

Monday, June 13, 2016 – 10:30 a.m.

The San Bernardino County Board of Supervisors is set to approve a 2016-17 fiscal year budget on Tuesday, with some important beneficiaries.

 

Read the rest of this entry »

Pipe Dreams

Turning a San Bernardino neighborhood into a lake? Building Branson West in Moreno Valley and RogersDale in Temecula (or Murrieta)? Here are 5 projects that never made it past the drawing board.

Published: June 11, 2016
Updated: June 12, 2016 – 8:52 a.m.

They were grand plans.

Plans that, if you believed the cheerleaders, would have created a sparkling water-themed paradise in a dangerous city, transformed a recession-battered bedroom community into Branson West, brought world-class sporting events to relatively boring Riverside and revived the dying Salton Sea with salty ocean water piped in from 160 miles away.

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The Sacramento Bee: California budget deal builds reserve, changes welfare rule

Calculator

Capitol Alert
By Jim Miller
jmiller@sacbee.com
June 9, 2016 – 5:01 PM

  • It would repeal limit on welfare payments for people who have more children
  • Deal boosts state’s rainy-day reserve by $2 billion
  • Wednesday is deadline for lawmakers to pass a budget

Gov. Jerry Brown and the Legislature have reached agreement on a budget for the coming fiscal year that repeals a long-criticized rule limiting welfare payments for people who have more children, as well as making an optional $2 billion deposit into the state’s rainy-day reserve.

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Los Angeles Times: Jacobs Engineering plans to move jobs from Pasadena to Texas

Texas Flag + California Flag

Jacobs Engineering Group brings in $12 billion in annual revenue and employs some 64,000 people.

Natalie Kitroeff
June 6, 2016

Jacobs Engineering Group, one of the world’s largest engineering companies, is preparing to move employees from its Pasadena headquarters to Dallas, becoming the latest major corporation to relocate significant operations from California to Texas.

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Pay Cut

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 06/05/16 – 4:00 PM PDT |

A funding cut of $754 million statewide means the loss of half of all annual state transportation funds for projects — some underway — in the San Bernardino region, officials said.

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Inland Empire

By Fielding Buck, The Press-Enterprise
Posted: 06/04/16 – 8:32 PM PDT | U

RIVERSIDE >> Inland Southern California’s long boom might be over, researchers suggested this week at UC Riverside.

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Bloomberg: Employers in U.S. Add Fewest Workers in Almost Six Years

Bloomberg Logo

Sho Chandra
Published: June 3, 2016 — 5:30 AM PDT
Updated:   June 3, 2016 — 6:04 AM PDT

Employers in May added the fewest number of workers in almost six years, reflecting broad cutbacks that may raise concern about U.S. growth and prompt Federal Reserve policy makers to put off an increase in interest rates.

Read the rest of this entry »

Colton-seal

By Ryan Hagen, The Sun
Posted: 06/02/16 – 7:50 PM PDT |

COLTON >> Faced with a dwindling general fund — used to pay most city expenses, from police to parks — but enjoying surpluses in the city-run electrical fund, city officials are asking voters’ permission to use more electrical money for other purposes.

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Food Servers

Salad makers prepare lunch at Tender Greens in Santa Monica. Food servers are expected to see strong job growth through 2020. (Los Angeles Times)

Natalie Kitroeff
May 31, 2016

  • Food servers, who earn relatively little, will see strong job growth through 2020.

Los Angeles County will add hundreds of thousands of jobs over the next four years, most of them low paying, according to a report released Wednesday by the Los Angeles County Economic Development Corporation.

Read the rest of this entry »

The Press-Enterprise: RIVERSIDE: City’s deficit looks to grow

city-of-riverside-seal

Officials project four years of multi-million dollar deficits, but say with suggested reductions the city would come out ahead by 2017-18.

Published: May 27, 2016
Updated:   May 28, 2016 7:34 a.m.

Riverside faces at least four years of belt-tightening, but proposed across-the-board budget cuts would leave the city with a more than $9 million surplus by 2021.

To read article by Alicia Robinson in The Press-Enterprise, click here.

InlandPolitics: San Bernardino County Deputies pay situation a tragedy

Sheriff

Thursday, May 26, 2016 – 02:30 p.m.

San Bernardino County Sheriff’s Deputies have fallen into the ranks of some of the lowest compensated in Southern California.

Read the rest of this entry »

Amazon

Published: May 25, 2016 – Updated: 5:21 p.m.

Amazon announced today it will open a fulfillment center in Eastvale.

The online retail giant has fullfilment centers in Moreno Valley, Redlands, Rialto and San Bernardino. It also has a sortation center in San Bernardino.

To read article by Fielding Buck in The Press-Enterprise, click here.

Oops!

Capitol Alert
By Dan Walters
dwalters@sacbee.com
May 25, 2016 4:34 PM

  • State had anticipated more than $500 million from sale of allowances
  • The state will see just $10 million from latest auction
  • Shortfall could affect ambitious spending plans, including high-speed rail

Gov. Jerry Brown and the Legislature got some bad news Wednesday about plans to spend more than $3 billion in proceeds from the state’s “cap-and-trade” auction of carbon dioxide emission allowances.

Read the rest of this entry »

Los Angeles Times

A large shareholder of L.A. Times owner Tribune Publishing has questioned the company’s decision to turn down a buyout offer from Gannett and sell millions of new shares to billionaire Patrick Soon-Shiong.

James Rufus Koren
May 26, 2016

Another major Tribune Publishing investor is crying foul over the company’s rejection of Gannett’s buyout offer — even as two more advisory firms weighed in to give the board cover against a possible shareholder lawsuit.

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The Sun: San Bernardino County sheriff’s deputies rally for higher pay

Lolita Harper

Lolita Harper, spokeswoman for the San Bernardino County Safety Employees Benefit Association, the labor union representing county sheriff’s deputies and district attorney investigators, speaks during a rally Tuesday outside the San Bernardino County Government Center pushing for higher pay for sheriff’s deputies. SEBA has been in labor negotiations with the county for more than a year. (Photo by Joe Nelson)

By Joe Nelson, The Sun
Posted: 05/24/16 – 11:30 AM PDT |

SAN BERNARDINO >> Dozens of San Bernardino County sheriff’s deputies rallied outside the County Government Center on Tuesday, pushing for higher pay after more than a year of stalled contract negotiations.

Read the rest of this entry »

City-of-Highland

By Sandra Emerson, Redlands Daily Facts
Posted: 05/24/16 – 6:23 PM PDT |

HIGHLAND >> The city has achieved much in the past year, Mayor Larry McCallon said at the State of the Community address on Tuesday, but fiscal uncertainties mean there are still some challenges ahead.

Read the rest of this entry »

California State University

Rosanna Xia
May 24, 2016

The Cal State Board of Trustees approved a plan Tuesday to raise faculty salaries by 10.5% over three years, capping a long-running dispute over pay that threatened to wreak havoc on the nation’s largest public university system.

Read the rest of this entry »

Patrick Soon-Shiong

Patrick Soon-Shiong (Danny Moloshok / Associated Press)

James Rufus Koren
May 23, 2016

In the battle for control of Los Angeles Times parent Tribune Publishing, two health tech investors look to be the likely winners, while a massive newspaper company may walk away empty-handed.

Read the rest of this entry »

The much-anticipated Newport Beach Civic Center has its grand opening to the public this Saturday. Event will include tours and open house. ///ADDITIONAL INFO: nb.cityhallpreview.0503 - 5/2/13 - PHOTO BY JOSHUA SUDOCK, THE ORANGE COUNTY REGISTER -- Picture made at Newport Beach City Hall in Newport Beach Thursday, May 2, 2013.

The heaviest loads in Orange County are in older cities, such as Newport Beach, that have had their own in-house police and fire departments for decades. Public safety workers usually get the most expensive pensions. (Joshua Sudock – File Photo)

By Teri Sforza / Staff Columnist
tsforza@ocregister.com
May 23, 2016 – Updated: 6:36 a.m.

So if you don’t live in Irwindale, rejoice: There, even when you look at it through rose-colored glasses, public pension liabilities equal $32,447 for each and every household in the city.

Read the rest of this entry »

Pensions

By Ed Mendel
May 23, 2016

Annual rates paid by employers to CalPERS and CalSTRS are going up, pension funding levels haven’t recovered from a big drop during the recession, and Gov. Brown’s pension reform put a lid on pension increases.

Read the rest of this entry »

The Sacramento Bee: Jerry Brown hopes to leave on high note, but fears downturn

Dan Walters

By Dan Walters
dwalters@sacbee.com
May 21, 2016 – 1:59 PM

  • Governor reveals concerns about how he will leave
  • Budget looms as the greatest threat to his legacy
  • He shuns tax reform, pins hopes on a small reserve

Obliquely and perhaps unwittingly, Jerry Brown has acknowledged that as his remarkable political career nears an end, he’s concerned with how history will remember him.

Read the rest of this entry »

InlandPolitics: Lovingood’s Pension Fairy Tale Continues

Robert Lovingood

San Bernardino County First District Supervisor Robert Lovingood has developed a new penchant for deceiving voters.

Saturday, May 21, 2016 – 01:00 p.m.
Last Modified: Monday, May 23, 2016 – 08:45 a.m.

Hats off to San Bernardino County First District Supervisor Robert Lovingood for doubling-down on his fantasy pension crack down spin.

Read the rest of this entry »

Up Arrow

Job growth picks up in April.

Natalie Kitroeff
May 20, 2016

California employers picked up hiring in April, adding 59,600 jobs during the month, according to state data released Friday.

Read the rest of this entry »

Pay Cut

The Associated Press
May 19, 2016 – Updated 5:12 p.m.

SACRAMENTO – The California Transportation Commission has adopted more than $754 million in cuts to planned highway, transit and other projects because of falling tax revenues tied to gas prices.

Read the rest of this entry »

InlandPolitics: Lovingood’s Pension Fantasy Land Tale

Dunce

Thursday, May 19, 2016 – 08:45 a.m.

San Bernardino County First District Supervisor Robert Lovingood is living in a fantasy land.

That’s at least when it comes to the county’s pension fund.

Read the rest of this entry »

High-Speed Rail

The supports for a 1,600-foot viaduct to carry high-speed rail trains across the Fresno River are seen under construction near Madera in February. (Rich Pedroncelli / Associated Press)

Ralph Vartabedian
May 18, 2016

The Obama administration threw the California bullet train project another lifeline Wednesday, extending the schedule by four years for construction of 118 miles of rail through the Central Valley, according to congressional officials.

Read the rest of this entry »

The San Diego Union-Tribune: Moody’s dings Southern California Edison

San Onofre

Reopening San Onofre nuclear settlement a ‘credit negative’

By Rob Nikolewski |
May 17, 2016 – 2:35 p.m.

It’s not a ratings downgrade, but Moody’s Investor Service on Tuesday called reopening the financial details of the San Onofre nuclear plant shutdown a “credit negative” for the plant’s operator, Southern California Edison.

Read the rest of this entry »

Debt

Capitol Alert
By Dan Walters
dwalters@sacbee.com
May 17, 2016 – 12:03 PM

  • Pew Charitable Trusts pegged state’s debt at $344.7 billion
  • Most of the debt was for future state employee pensions
  • Unfunded health care and bonds made up the remainder

As a proportion of personal income, California had the nation’s 11th highest long-term state debt in 2013, a new report by the Pew Charitable Trusts says.

Read the rest of this entry »

Taxes

California Elections
By Dan Walters
dwalters@sacbee.com
May 16, 2016 – 1:36 PM

  • 90 tax measures, 57 bond issues on June primary ballot
  • School bonds would total $6.2 billion if passed

California voters will face just one statewide measure on the June primary ballot, but they will pass judgment on at least 165 local government proposals, according to a compilation by government finance tracker Michael Coleman.

Read the rest of this entry »

Vote

John Myers
May 15, 2016

California voters this fall will likely wade through the longest list of state propositions since Bill Clinton was president, a sizable batch of proposed laws that is likely to spark a record amount of campaign spending.

Read the rest of this entry »

Dan Walters

Dan Walters
By Dan Walters
dwalters@sacbee.com
May 15, 2016 – 6:00 PM

  • Developers push $9 billion bond issue despite governor’s criticism
  • Contractors seek to keep payments for illegal contracts
  • Schools, county treasurers joust over control of bond funds

The seemingly mundane matter of issuing bonds to build and fix schools has suddenly morphed into a bubbling stew of highly contentious politics.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
May 14, 2016 – 1:54 PM

  • State’s economic recovery is beginning to cool off
  • Governor cuts revenue estimate in revised budget
  • ‘Very resolute’ attitude means conflict with liberals

Gov. Jerry Brown unveiled his revised budget on Friday the 13th, which implies that he’s not superstitious.

Read the rest of this entry »

Calculator

May. 13, 2016 – 6:54 PM ET

SACRAMENTO, Calif. (AP) — California Gov. Jerry Brown proposed a $122.2 billion general fund spending plan Friday that sets the stage for a months-long debate with the Legislature over budget priorities.

Here’s a look at some of the numbers in Brown’s plan:

Read the rest of this entry »

taxifornia

John Myers
May 11, 2016 – 2:07 P.M.

When Gov. Jerry Brown asked California voters to raise taxes in 2012 , he made clear that it was temporary, revenues needed to balance the books for only a few years.

Read the rest of this entry »

Pay Raise

The State Worker
By Jon Ortiz
jortiz@sacbee.com
May 11, 2016 – 11:58 AM

  • Three-year deal includes salary increases
  • Employees to begin contributing to retiree medical benefit
  • Pay for medical checkups now pensionable

California’s correctional officers will see a raise on their July paychecks under terms of a new contract they overwhelmingly ratified, the union announced this week.

Read the rest of this entry »

Healthcare Tax

Capitol Alert
By Dan Walters
dwalters@sacbee.com
May 11, 2016 – 12:15 PM

  • Pew report says California owes $80.3 billion for retiree health
  • Covering obligation would more than triple current spending

California is spending more than $2 billion a year on health care for retired state employees – up more than 80 percent in the last decade, according to Gov. Jerry Brown’s latest budget.

Read the rest of this entry »

Calculator+Finance+Budget

By Jonathan Cooper, Associated Press
May 10, 2016

SACRAMENTO, Calif. (AP) — As Gov. Jerry Brown prepares to release his revised state budget this week, he’s hearing a chorus of calls from Democratic lawmakers, liberal interest groups and even some Republicans urging him to significantly boost spending to help California’s poorest residents.

Read the rest of this entry »

Restaurant Worker

Restaurant workers, cashiers, parking lot attendants and other low-paid workers will benefit when California’s wage begins rising. But many business owners will be grappling with increased costs, leading to price hikes, reduced hours, increased automation or layoffs. (File)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 05/07/16 – 5:55 PM PDT |

California’s new minimum wage requirements are being hailed by supporters who say workers must earn a “living wage,” but others fear the pay hikes will fuel layoffs, higher prices and more automation as businesses scramble to offset increased costs.

Read the rest of this entry »

Refinery

Flyers were placed on nearly every door within a mile radius of the ExxonMobil refinery notifying residents of the impending restart of the facility. Thursday, May 5, 2016, Torrance, CA. (Steve McCrank/Staff Photographer)

By Nick Green, Daily Breeze
Posted: 05/05/16 – 8:40 PM PDT |

The February 2015 explosion that shuttered the ExxonMobil plant in Torrance was the costliest disruption at a California refinery in the past 16 years, with motorists paying at least $2.4 billion in higher pump prices in the following six months, according to a recent RAND study.

Read the rest of this entry »

Victorville

Officials meet in workshop to comb through nearly complete FY 17 spending plan

By Shea Johnson
Staff Writer
Posted:     May 4, 2016 at 3:28 PM
Updated: May 4, 2016 at 5:53 PM

VICTORVILLE — City officials met in a pre-budget workshop this week, broaching the upcoming fiscal year 2016-17 spending plan, where a little more than $1 million still needs to be trimmed to reach balance.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
May 2, 2016 – 3:01 PM

  • State has huge backlog of unmet housing needs
  • Demand-supply housing gap is widening
  • Poor hit hardest by rising housing costs

Three dry statistical reports issued simultaneously Monday reveal the stark dimensions of California’s deepening housing crisis.

Read the rest of this entry »

InlandPolitics: Time for SBCERA to lower projected returns

SBCERA

Monday, May 2 , 2016 – 12:00 p.m.

It’s time for the San Bernardino County Employees Retirement Association (SBCERA) to face reality regarding what it will make on investments in the future.

Read the rest of this entry »

The Wall Street Journal: U.S. Growth Starts Year in Familiar Rut

GDP

Global headwinds, weak business spending could continue to weigh on GDP in coming quarters

By Jeffrey Sparshott
Updated: April 28, 2016 – 6:39 p.m. ET

A sharp pullback in business investment and weak global demand dragged down an already-lackluster U.S. economy in the opening months of 2016, the latest setback in a bumpy expansion entering its seventh year.

Read the rest of this entry »

Apple Inc.

Apple shares have been reeling this week after disappointing earnings results. (Matthias Schrader / Associated Press)

Paresh Dave
April 28, 2016

Billionaire business magnate Carl Icahn, whose investment decisions can influence the stock market, said Thursday that he dumped what was left of his nearly 1% stake in Apple Inc. on fears that Chinese authorities would bully the iPhone maker.

Read the rest of this entry »

Jerry Brown

California Gov. Jerry Brown speaks at a gathering of political, business and community leaders at the annual California Chamber of Commerce Host Breakfast in May 2015. Brown will release his revised budget proposal next month. (Rich Pedroncelli AP)

Capitol Alert
By Jim Miller
jmiller@sacbee.com
April 27, 2016 – 2:29 PM

  • Two-fifths of taxpayers saw gains in average real income from 1995 to 2014, new data show
  • That is an improvement over 1994-2013 span, when only top-fifth had real growth
  • Average income of top 1 percent almost doubled over past 20 years

The wealthiest Californians paid nearly half of the state’s income taxes in 2014 after seeing an uptick in their average income from 2013, according to updated income distribution data compiled by the state Franchise Tax Board.

Read the rest of this entry »

Los Angeles Times: Apple’s quarterly sales fall for the first time in 13 years

Apple Inc.

By Paresh Dave
April 26, 2016

Apple Inc. forewarned investors of its first-ever drop in iPhone sales and its first decline in quarterly revenue in 13 years.

Read the rest of this entry »

NYSE - Gannett Station

A specialist works at the post that handles Gannett on the floor of the New York Stock Exchange on Aug. 5, 2014. (Richard Drew / Associated Press)

Times staff and wire reports
April 25, 2016

USA Today publisher Gannett Co. is making an aggressive push to buy the owner of the Los Angeles Times, a move that would bolster Gannett’s position as the nation’s largest newspaper company and continue the consolidation in the industry.

Read the rest of this entry »

The Sacramento Bee: California scores lowest on Moody’s fiscal ‘stress test’

Jerry Brown

Gov. Jerry Brown carries notebook paper after unveiling his proposed 2016-17 state budget at the Capitol on Jan. 7. Brown warned that the state is overdue for a recession and needs to build reserves to cushion the effects of an economic downturn. (Renée C. Byer – rbyer@sacbee.com)

Capitol Alert
By Dan Walters
dwalters@sacbee.com
April 22, 2016 – 2:51 PM

  • Texas shines in ability to absorb a recession
  • California and Illinois at the bottom

California, whose state budget is highly dependent on volatile income taxes, is the least able big state to withstand a recession, according to a “stress test” conducted by Moody’s Investor Service.

Read the rest of this entry »

Daily Press: Hesperia approves resolution to unfreeze wages for city employees

hesperia_logo

By Rene Ray De La Cruz
Staff Writer
Follow @@DP_ReneDeLaCruz

Posted Apr. 21, 2016 at 10:55 AM
Updated Apr 21, 2016 at 4:53 PM

HESPERIA — The City Council approved a resolution that paves the way to unfreeze wages for union and nonunion city employees.

Read the rest of this entry »

PPIC

Capitol Alert
By Dan Walters
dwalters@sacbee.com
April 20, 2016 – 2:00 PM

  • Surtax on high-income Californians, school bonds headed for November ballot
  • Unions support tax extension, education groups and developers want bonds
  • Gov. Jerry Brown has not endorsed either, critical of bond issue

California voters are inclined to extend extra taxes on the state’s high-income residents to support public education and pass a new school construction bond issue, a poll by the Public Policy Institute of California has found.

Read the rest of this entry »

calpers

Pension fund says rate hike smaller than expected

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
April 20, 2016 – 5:18 PM

CalPERS approved another round of rate increases Thursday, requiring higher contributions from state agencies and school districts for the 2016-17 fiscal year.

Read the rest of this entry »

Harriet Tubman

By Ben White and Nolan D. McCaskill
Published: 04/20/16 – 11:56 AM EDT
Updated: 04/20/16 – 08:05 PM EDT

  • Treasury Secretary Jack Lew reverses a plan to bump Hamilton after receiving fierce blowback.

Harriet Tubman will bump Andrew Jackson from the front of the $20 bill while Alexander Hamilton will stay put on the $10 — a historic move that gives a woman prime placement on U.S. currency and quells a controversy kicked up by Hamilton super-fans.

Read the rest of this entry »

The Sun: Millions of square feet of warehouse space created Inland, more to come

An aerial view of warehouses in Riverside County.

By Fielding Buck, The Press-Enterprise
Posted: 04/19/16 – 11:06 PM PDT |

Warehouses totaling more than 6 million square feet of space were completed in the Inland region in the first quarter of 2016, and nearly 16 million square feet are under construction.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
April 19, 2016 – 2:04 PM

  • State has pursued inventor Gilbert Hyatt for a quarter-century
  • Nevada courts said California had harassed Hyatt
  • U.S. Supreme Court upholds Nevada’s spanking of California

There is a perpetual debate in California political circles over whether the state’s highest-in-the-nation income tax rates encourage the wealthy to take themselves and their money elsewhere.

Read the rest of this entry »

High Speed Rail

A full-scale mock-up of a high-speed train is displayed at the Capitol in Sacramento last year. (Rich Pedroncelli / Associated Press)

Ralph Vartabedian
April 18, 2016

A key state legislative committee on Monday unanimously approved a Republican-led bill to strengthen oversight of the California bullet train, a sign of growing bipartisan concern about the project.

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Home for sale

Andrew Khouri
April 18, 2016

Southern California home prices jumped 5.6% in March, as buyers fought over a meager supply of homes for sale and bid up values.

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The Press-Enterprise: RIVERSIDE COUNTY: Millions spent on outside consultants

Riverside-County-Seal

As Riverside County faces budget crunch, some wonder why pricey specialists are needed to cut spending.

Published: April 15, 2016
Updated:   April 17, 2016 – 2:25 a.m.

Riverside County’s budget shortfall next fiscal year could approach $100 million. But it still found $44 million to spend on outside consultants.

To read article by Jeff Horseman in The Press-Enterprise, click here.

American Apparel

American Apparel headquarters and manufacturing building located on Alameda Street and 7th street in Los Angeles where the clothier that was once a fashion trailblazer has taken drastic steps to stave off financial ruin. (Al Seib / Los Angeles Times)

Shan Li and Natalie Kitroeff
April 15, 2016

Los Angeles was once the epicenter of apparel manufacturing, attracting buyers from across the world to its clothing factories, sample rooms and design studios.

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Jobs

Natalie Kitroeff
April 15, 2016

California added 4,200 jobs in March, the Employment Development Department reported Friday.

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The Sacramento Bee: Field Poll: California voters think income taxes are too high

taxifornia

Capitol Alert
By Taryn Luna
tluna@sacbee.com
April 14, 2016 – 1:00 PM

  • Four out of five Republicans believe they pay too much income tax
  • Fifty-two percent of Democrats are OK with current tax rates
  • People who earn less than $40,000 were least likely to complain about high taxes

With the 2016 tax deadline on the horizon, it’s the time of year Californians grumble about Uncle Sam slashing their income.

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Municipal Bonds

Published: April 13, 2016 – 8:09 a.m.

Puerto Rico, Atlantic City and Chicago school district bondholders have reason to fear a fight in court if the ailing governments collapse financially: recent cases show that when municipalities go broke, investors lose when pitted against municipal retirees.

To read article in The Press-Enterprise, click here.

SBCO

County Supervisors up legal services contract by $400K

By Shea Johnson
Staff Writer
Follow @@DP_Shea
Posted Apr. 12, 2016 at 4:25 PM

SAN BERNARDINO — Attorney fees could rise above $1 million in the county’s lawsuit against the architectural and design firms of the High Desert Detention Center expansion in Adelanto, which was completed in February 2014 after falling nearly $29 million over budget.

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Soda

Capitol Alert
By Jeremy B. White
jwhite@sacbee.com
April 12, 2016 – 3:27 PM

  • Latest setback for effort to limit sugary beverage consumption
  • Year after year, the campaign has met defeat in Sacramento

Elections come and go, legislative leaders rise and fall, but one constant remains in Sacramento: Soda taxes can’t get traction.

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No Money

By Dale Kasler
Business & Real Estate
April 12, 2016 3:29 PM
dkasler@sacbee.com

  • Bankruptcy judge says estate of Alfred Villalobos lacks money to pay money owed state
  • Villalobos commited suicide in January 2015
  • Villalobos’ fortune overstated

RENO —

The late Alfred Villalobos, the central figure in the CalPERS bribery case, always insisted he did nothing wrong and he didn’t owe the state of California a dime.

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Pension-Fund

Ed Mendel
April 14, 2016

CalPERS actuaries recommend that the annual state payment for state worker pensions increase $602 million in the new fiscal year to $5.35 billion, nearly doubling the $2.7 billion paid a decade ago before the recession and a huge investment loss.

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The New York Times: In California, Marijuana Is Smelling More Like Big Business

marijuana-leaf

By Ian Lovett
April 11, 2016

ADELANTO, Calif. — After decades of thriving in legally hazy backyards and basements, California’s most notorious crop, marijuana, is emerging from the underground into a decidedly capitalist era.

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CCPOA

The State Worker
By Jon Ortiz
jortiz@sacbee.com
April 11, 2016 – 12:19 PM

  • Tentative deal makes fitness pay pensionable
  • Some leave counts toward overtime threshold
  • State’s annual payments to union’s benefits trust fund will nearly triple to $14 million

The latest tentative labor agreement with California’s correctional officers proves that there’s more than one way to boost employee compensation without calling it a “raise.”

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