Archive for the ‘ Finance ’ Category

Bloomberg: U.S. Economy Grew Less-Than-Forecast 1.2% in Second Quarter

Economy

Sho Chandra
July 29, 2016 — 5:30 AM PDT
Updated on July 29, 2016 — 6:54 AM PDT

The U.S. economy expanded less than forecast in the second quarter after a weaker start to the year than previously estimated as companies slimmed down inventories and remained wary of investing amid shaky global demand.

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Mike Hestrin

Hestrin says he needs additional funds to avoid layoffs. But supervisors say he’s being unreasonable

By Jeff Horseman / Staff Writer
Published: July 28, 2016 – Updated: 9:44 p.m.

  • Riverside County District Attorney Mike Hestrin has warned he would need $12.25 million in additional funding to avoid layoffs.

Riverside County District Attorney Mike Hestrin’s budget battle with the Board of Supervisors already has led to some public-safety service cuts, he acknowledged Thursday, July 28.

Read the rest of this entry »

The Press-Enterprise: RIVERSIDE COUNTY: Over objections, tight budget approved

Riverside County Seal

During contentious discussions, the district attorney says his department was underfunded and would need to lay off workers or cut services

By David Danelski / The Press Enterprise
Published: July 26, 2016
Updated:   July 27, 2016 – 7:23 a.m.

Following about an hour of contentious discussions, the Riverside County Board of Supervisors approved on Tuesday, July 26, revisions to an austere county budget designed to start closing a spending gap of more than $60 million a year.

Read the rest of this entry »

Sheriff

Monday, July 25, 2016 – 08:55 a.m.

Is there a new collective bargaining agreement for San Bernardino County sheriff’s deputies in the near future?

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 24, 2016 – 2:02 PM

  • One-percenters pay half of state income taxes
  • Temporary tax hikes didn’t spur mass exodus
  • Would extending them have different effect?

When voters passed Gov. Jerry Brown’s “temporary” tax increase in 2012, they gave California the nation’s highest marginal income tax rates, topping out at 13.3 percent.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
July 23, 2016 – 2:00 PM

  • Pension problems stem from 1999 benefit boost
  • Unemployment insurance ills rooted in 2003 benefit boost
  • Stockton violates austerity budget to reopen library

One day last week, Daniel Borenstein, a columnist for newspapers in the Bay Area News Group, published a critical analysis of the California Public Employees’ Retirement System’s long-term finances.

Read the rest of this entry »

Jobs

Natalie Kitroeff
July 22, 2016

Defying critics of new state regulations, California continued to pad its hefty payrolls in June. Employers added a net 40,300 jobs over the month, the state reported Friday.

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NBC: Roger Ailes Resigns as Fox News CEO

Fox News

By Phil Helsel
Thursday, July 21, 2016

Roger Ailes resigned as chairman and CEO of Fox News Thursday, after days of speculation as to his future with the network after a sexual harassment lawsuit was filed against him by a former anchor, 21st Century Fox said.

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California

A new CNBC report ranks California as the nation’s least business-friendly state.

By Kevin Smith, San Gabriel Valley Tribune
Posted: 07/19/16 – 6:00 PM PDT |

If you think California is a tough place to do business, you’re not alone.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 18, 2016 – 4:03 PM

  • Big public employee pension fund gained just 0.61 percent last year
  • With low earnings, its unfunded liability for benefits grows
  • Maintaining 7.5 percent earnings assumption doesn’t make sense

You can smear lipstick on a pig, but that doesn’t change its innate porcinity.

Read the rest of this entry »

calpers

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
July 18, 2016 – 9:11 AM

  • Pension fund’s investment gains well below target
  • Poor stock market showing drives weak results

CalPERS reported a 0.61 percent gain in investments in its latest fiscal year, the second straight year of subpar results for the big California pension fund.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 17, 2016 – 5:00 PM

  • Property taxes will top $60 billion this year
  • San Francisco leads with 8.8 percent increase
  • Property taxes continue to outpace state levies

County property tax assessors are reporting strong upticks in taxable values for the 2016-17 fiscal year that began July 1.

Read the rest of this entry »

Hedge Fund

By Ed Mendel
July 18, 2016

The two big California public pension funds, CalPERS and CalSTRS, are going opposite ways on a controversial investment strategy, hedge funds, that is under fire from a powerful teachers union.

Read the rest of this entry »

Los Angeles

Southland economist Christopher Thornberg says California’s economy is solid, with healthy gains in employment and the housing market. Thornberg spoke Friday at a Mid-Year Economic Forecast & Trends Breakfast in Los Angeles. (File Photo by David Crane/Los Angeles Daily News)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 07/15/16 – 6:15 PM PDT |

The U.S. economy is in far better shape than many might think.

Read the rest of this entry »

CTA

John Myers
July 14, 2016 – 4:20 P.M.

Backers of the effort to extend the lifespan of California’s tax rates on the most wealthy boosted their campaign coffers Thursday, with a $10-million contribution from the California Teachers Assn.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 12, 2016 – 3:04 PM

  • California Public Employees’ Retirement System lost money
  • Fund is now well short of what’s required to cover pensions
  • CalPERS demands more from governments to cover outlays

The California Public Employees’ Retirement System – the nation’s largest pension trust fund – took a beating during the Great Recession, dropping nearly $100 billion in value.

Read the rest of this entry »

Up Arrow

Capitol Alert
By Dan Walters
dwalters@sacbee.com
July 11, 2016 – 2:32 PM

  • Strong real estate market, construction add to property tax rolls
  • Taxable values estimated to hit $5.5 trillion

A strong surge in real estate transactions, new commercial and residential construction and rising housing prices should generate a $3-plus billion increase in property tax revenues for schools and local governments during the current fiscal year.

Read the rest of this entry »

calpers

By Teri Sforza / Staff Writer
July 12, 2016 – Updated 7:37 a.m.

Public workers are pumping more money into retirement funds. Public agencies are pumping more money into retirement funds.

Yet the market seems distinctly unimpressed.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 9, 2016 – 4:44 PM

  • State’s $2.5 trillion economy now world’s sixth largest
  • However, recovery from recession has downside
  • Income gap widens, state moves toward two-tier society

The revelation that California’s $2.5 trillion economy is now the world’s sixth largest is a source of tub-thumping pride for the state’s politicians.

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Apple Valley

Available funds drop due largely to Yucca Loma Bridge completion

By Matthew Cabe, Staff Writer
Posted:     July 1, 2016 at 1:01 PM
Updated:  July 1, 2016 at 3:18 PM

APPLE VALLEY — The Town Council unanimously approved a 2016-17 budget — for the fiscal year that began Friday — and it comes with a nearly 22-percent drop in available funds compared to last year.

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Riverside County Seal

‘Steely discipline’ is called for as officials try to rein in costs and build up savings.

By Jeff Horseman / Staff Writer
Published: June 29, 2016 – Updated: 6:41 p.m.

With expenses outpacing income, departments starved for money and savings dipping to uncomfortable levels, Riverside County officials want to put county government on a strict diet.

Read the rest of this entry »

Karma Automotive Factory

Robots rivet the side frame assembly on the body of a Revero electric car at the Karma automotive factory in Moreno Valley. Karma is the first car-building company in Southern California in decades. (Gina Ferazzi / Los Angeles Times)

Natalie Kitroeff
June 29, 2016

Los Angeles has hemorrhaged manufacturing jobs since 2007, casting a pall over the state’s economic recovery, according to a forecast released Tuesday by Chapman University.

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SBCO

Tuesday, June 28, 2016 – 09:00 a.m.

San Bernardino County is set to approve a $203 million payment to its pension fund on Tuesday.

Surprisingly it’s an amount that’s lower than last year.

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The Hill: Economic turmoil threatens Clinton

The Hill

By Alexander Bolton
06/28/16 – 06:11 AM EDT

A nine-hundred point drop in the stock market and signs of more economic turbulence to come is a troubling sign for Hillary Clinton, the presumptive Democratic presidential nominee effectively running for President Obama’s third term.

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Daily Bulletin: Upland proposes hiring freeze to balance budget

Upland seal

By Liset Márquez, Inland Valley Daily Bulletin
Posted: 06/25/16 – 3:07 PM PDT |

UPLAND >> When the City Council gets its first glimpse of the proposed $46.1 million budget Monday night, it will include some maneuvers that indicate the city continues to live in very lean times.

Read the rest of this entry »

hesperia_logo

By Rene Ray De La Cruz, Staff Writer
Posted Jun. 26, 2016 at 10:09 AM

HESPERIA — The City Council recently approved its “balanced budget” as it moves into the beginning of its fiscal year on Friday.

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Home Construction

By Jonathan Lansner and Marilyn Kalfus, Staff Writers
Posted: 06/25/16 – 6:44 PM PDT |

Dave Miller leaves work in his gold GMC Sierra in midafternoon, loaded up with Arizona iced tea and sesame seeds. He tunes the radio to 95.5 FM KLOS, classic rock.

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NYSE Trading Floor

A television screen on the floor of the New York Stock Exchange shows the closing number for the Dow Jones industrial average, Friday, June 24, 2016. The DJIA dropped 611 points, or 3.4 percent, to 17,399 in heavy trading Friday. Stocks plunged in the U.S. and worldwide after Britain voted to leave the European Union. (AP Photo/Richard Drew)

By Rachel Uranga, rachel.uranga@langnews.com, @racheluranga on Twitter
Posted: 06/24/16 – 7:31 PM PDT |

Britain’s exit from the European Union shocked markets, reshuffled alliances and created a new political reality that experts say will be felt in Southern California.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

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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.

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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:

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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.

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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.

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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.

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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.

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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.

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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.

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