Archive for the ‘ Finance ’ Category

The Press-Enterprise: RIVERSIDE COUNTY: More money found for DA, animal services

Mike Hestrin

Riverside County District Attorney Mike Hestrin. (Terry Pierson / File)

Published: July 6, 2015 – Updated: 10:39 p.m.

  • The Riverside County Board of Supervisors on Tuesday, July 7, will consider $51 million worth of additional spending in the fiscal 2015-16 budget.
  • District attorney: An additional $8 million is ticketed. District Attorney Mike Hestrin has said layoffs are an option unless his office gets more money.
  • Animal services: Director Robert Miller also asked for more funding to avoid the prospect of pink slips. The county executive office proposes giving his department an additional $3.6 million.

Riverside County has found more money for the District Attorney’s Office and Animal Services Department after leaders of those agencies warned of possible layoffs unless their budgets were increased.

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

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 6, 2015

  • California’s highways are in bad shape
  • State wants $6 billion more a year to fix them
  • Can two differing approaches be melded?

The Legislature and Gov. Jerry Brown have passed a new state budget, and that’s that, right?

Not on your sweet bippy, to channel comedian Dick Martin.

Read the rest of this entry »

Crude OIl Chart - 070615

Monday, July 6, 2015 – 09:00 a.m.

The price of crude oil is hovering near the $54 per barrel range Monday morning, following a big drop.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 5, 2015

  • Capital appreciation bonds accumulate interest costs
  • Los Angeles district wants to change low-bid rules
  • Leaseback court ruling could undo deals

One might think that school construction would be about as simple and straightforward as anything government does.

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Greece

Demonstrators hold flags and banners in front of Parliament in Athens in February. (Simela Pantzartzi/EPA)

By Ylan Q. Mui
July 5, 2015 at 2:55 PM

The financial crisis in Greece has upended the lives — and livelihoods — of residents of the Mediterranean nation. The shutdown of the banking system has resulted in long lines at ATMs to withdraw a daily maximum of just 60 euros, about $67. Citizens have stockpiled food and fuel, leading to empty shelves at grocery stores and crowded gas stations. Business leaders have warned that shortages of crucial medicines could be next.

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InlandPolitics: Greece says “NO” to European Union terms

Greece Flag

Sunday, July 5, 02:45 p.m.

Greece’s European Austerity Referendum went down in flames Sunday night.

The measure was overwhelmingly rejected by Greek voters.

Read the rest of this entry »

Apple Valley

Higher pay helps attract, retain ‘highest quality’ staff, they say.

By Gary Brodeur, Staff Writer
Posted July 5, 2015 – Updated at 10:53 AM

APPLE VALLEY — An ordinance that details the town’s updated compensation schedule and implements a 3-percent cost-of-living increase for 2015-16 still does not bring earnings up to pre-recession levels, town officials say.

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interest_rates

By Tom Petruno
July 4, 2015

The last six years of extraordinarily low interest rates have been all about rewarding borrowers at the expense of savers. But that is probably coming to an end.

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Daily Bulletin: Economic boost anticipated for Eastvale from logistics center

Logistics

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 07/02/15 – 8:27 PM PDT |

EASTVALE >> Plans are moving forward for the city’s largest development.

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California Money

Capitol Alert
By Jim Miller
jmiller@sacbee.com
July 2, 2015

  • Personal income, corporate tax collections look to be $541 million above 2014-15 revenue estimates
  • California state budget approved last month reflected governor’s revenue numbers
  • Sales tax, other revenue totals for June still being compiled

The 2014-15 fiscal year came to an end this week, and it will be a long time before officials finish closing the books. Early signs, though, are that revenue for the just-completed fiscal year will exceed estimates in the newly minted state budget by hundreds of millions of dollars.

Read the rest of this entry »

Standard and Poor's

By Chris Megerian
July 2, 2015

The Wall Street ratings agency Standard & Poor’s gave a vote of confidence to California’s finances on Thursday, upgrading its credit rating to its highest level in 14 years.

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California Money

By Samantha Masunaga
July 2, 2015

If California were a country, it would have the eighth-largest economy in the world, maintaining its ranking from July 2014.

Read the rest of this entry »

InlandPolitics: California gasoline price whipsaw not unnoticed

Gas Prices

Thursday, July 2, 2015 – 11:00 a.m.

The abusive gasoline price swings oil companies dished out on California driver’s from February to late June hasn’t gone unnoticed.

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InlandPoliics: Greece: What a headline for a newspaper!

Greece

Thursday July 2, 2015 – 10:30 a.m.

The headline in The Guardian, a British newspaper, is fitting.

Read the rest of this entry »

Economy

Thursday, July 2, 2015 – 10:00 a.m.

The June employment report, released by the U.S. Department of Labor on Thursday, wasn’t quite the bell ringer some were looking for.

Read the rest of this entry »

PMI

Purchasing Managers Index reading virtually unchanged at 52.4 in June; factory order and production growth holds steady.

Published: July 1, 2015 – 4:43 p.m.

Factory production forged ahead in June, but at a pace that seems indicative of an Inland Southern California economy that’s functioning on a more even keel.

To read story by Debra Gruszecki in The Press-Enterprise, click here.

The Sacramento Bee: CalPERS to sell up to $3 billion in real estate

calpers

Business & Real Estate

By Dale Kasler
dkasler@sacbee.com
June 30, 2015

  • Pension fund continues to reshape portfolio
  • Goal is fewer speculative investments

CalPERS said Tuesday it plans to sell up to $3 billion worth of real estate as it continues to overhaul its investment portfolio.

Read the rest of this entry »

Lou Desmond

Tuesday, June 30, 2015 – 05:00 p.m.

The Lou Desmond and Company Show is coming to you from the Toyota of San Bernardino Recording Studios!

Tonight on the show, Lou is joined by Estimable Economist Jay Prag to discuss the financial stability of San Bernardino. Hint: it isn’t stable. After that they turn to two other fiscally unstable governments, Puerto Rico and Greece.

Read the rest of this entry »

Housing Market

By Kevin Smith, San Gabriel Valley Tribune
Posted: 06/28/15 – 4:23 PM PDT |

The Southern California real-estate market is feeling the sting of a changing climate, as a pair of new reports finds renters, would-be homebuyers and black households losing ground in the face of competition from investors and a widening racial wealth gap.

Read the rest of this entry »

Tax Reform

AP California News
By Femit Nirappil and Judy Lin
Associated Press
June 29, 2015 – 2:37 PM EDT

SACRAMENTO, Calif. (AP) — The California Legislature is holding two special sessions this summer to tackle long-vexing funding shortfalls in the state’s transportation and health care programs. But talk of targeted tax increases has prompted political hand-wringing.

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Calpensions: New rules try to spotlight hidden retirement debt

Pension Reform

By Ed Mendel
June 29, 2015

An accounting board best known for requiring the calculation and reporting of the debt owed for retiree health care promised government workers, which often turned out to be shockingly large, is having another moment.

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InlandPolitics: Greece debacle more political theater

Greece

Sunday, June 28, 2015 – 10:00 a.m.

All eyes on the new Greek play. Really?

Greek Prime Minister Alexis Tsipras has called for a June 5 referendum asking voters to decide whether to accept more economic pain, which they will. But all the back and forth rhetoric over the weekend is sort of entertaining.

Read the rest of this entry »

Daily Bulletin: Upland fails to approve budget on time

Upland seal

By Liset Marquez, Inland Valley Daily Bulletin
Posted: 06/26/15 – 1:42 PM PDT |

UPLAND >> For the second time in three years, the City Council will not pass its budget on time. The delay comes as city leaders have questions remaining about the proposed staffing additions.

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The Sacramento Bee: Opinion: Governor has two big wishes

Dan Walters

Dan Walters
dwalters@sacbee.com
June 27, 2015

  • Jerry Brown wants two big water tunnels
  • He also wants north-south bullet train
  • Both projects face bumpy roads

Jerry Brown has a vision, or a hope, or perhaps just a fingers-crossed wish.

It is that when he finally departs from the governorship in January 2019, construction will be unstoppably underway on two immense public works projects.

Read the rest of this entry »

The Sun: San Bernardino audit faces trouble, city reports

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/26/15 – 2:47 PM PDT |

SAN BERNARDINO >> There’s more trouble for the city’s long-overdue audit, and it’s not because the city hasn’t given the necessary information, according to Deputy City Manager Nita McKay.

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U-T San Diego: Utility regulators held post-Poland lunch

Michel Florio

Commissioner Michel Florio of the California Public Utilities Commission, left, discussed the closing of the San Onofre nuclear plant at a legislative hearing in 2013. (AP file/Rich Pedroncelli)
Peevey briefed colleague shortly after secret San Onofre meeting in Warsaw

By Jeff McDonald
June 26, 2015 – Updated: 5:16 p.m.

The regulator overseeing an investigation into the failure of the San Onofre nuclear plant met privately with then-California Public Utilities Commission President Michael Peevey days after Peevey returned from a secret meeting about the matter in Poland.

Read the rest of this entry »

calpers

By Dean Starkman
June 25, 2015

  • CalPERS investment chief said fund returned only 3% over 10 months
  • The performance, which trails the broader stock market, has implications for city and state finances

The nation’s biggest public pension fund is falling far short of its annual investment goals.

Read the rest of this entry »

The Press-Enterprise: JOBS: Amazon to add 1,000 more jobs

Amazon

Amazon doubled down on vow to create 1,000 jobs in three Inland Empire fulfillment centers at a hiring event in Moreno Valley on Tuesday, bringing the total job count to 2,000

Published: June 24, 2015 – Updated: 4:40 p.m.

Amazon has announced it will create 1,000 more jobs for its Inland Southern California fulfillment centers.

To read story by Debra Gruszecki in The Press-Enterprise, click here.

Daily Bulletin: Ontario approves $491.95 million budget

Ontario

By Grace Wong, Inland Valley Daily Bulletin
Posted: 06/24/15 – 7:57 PM PDT |

ONTARIO >> With its sights on the airport, the City Council has unanimously approved a structurally balanced budget for the 2015-2016 fiscal year.

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California Money

By Chris Megerian
June 24, 2015

Gov. Jerry Brown signed a new $167.6-billion budget Wednesday that expands child care, boosts funding for public schools and opens the state’s public healthcare program to children in the country illegally, but leaves some key issues unresolved.

Read the rest of this entry »

Chapman University

By Margot Roosevelt / Staff Writer
June 24, 2015 – Updated 11:29 p.m.

Orange County will add more jobs this year than at any time in the past 15 years, buoyed in part by a reviving national economy, Chapman University economists predict.

Read the rest of this entry »

The Sun: San Bernardino passes unanimous budget

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/23/15 – 5:19 PM PDT |

SAN BERNARDINO >> The bankrupt city with a reputation for lengthy, contentious decision-making unanimously approved a budget for the coming fiscal year after less than three hours of discussion, a smoother procedure than most cities without its financial challenges.

And then there was applause.

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The Sun: No help from Sacramento for San Bernardino

No

By Ryan Hagen, The Sun
Posted: 06/23/15 – 6:01 PM PDT |

  • Jerry Brown: California’s governor has turned down San Bernadino’s request for help.

SAN BERNARDINO >> Gov. Jerry Brown has given his response to the optimistic request for help on six different fronts that Mayor Carey Davis and his allies made in a trip to Sacramento.

The answer is no.

Read the rest of this entry »

Money

Capitol Alert
June 22, 2015
By Jim Miller
jmiller@sacbee.com

  • Senate officials say extra money helps solve upper house’s budget problems
  • Assembly’s increase is the largest since before recession

California’s legislative branch will be among the beneficiaries of the $115.4 billion general fund spending plan on Gov. Jerry Brown’s desk, with both houses receiving funding increases nearly 10 times last year’s rate.

Read the rest of this entry »

Lou Desmond

Tuesday, June 23, 2015 – 05:00 p.m.

On the Lou Desmond and Company Show tonight, Lou is joined Ryan Hagen of the San Bernardino Sun joins the show. San Bernardino passed its city budget last night in very uncontroversial fashion, a welcomed change for the city. Also, what does the lake fire mean for the coming fire season?

Read the rest of this entry »

Money

By Samantha Masunaga
June 22, 2015

Chief executives of the country’s largest firms made 303 times more than a “typical” worker in 2014, according to a report from the Economic Policy Institute, a left-leaning think tank.

Read the rest of this entry »

InlandPolitics: Inland warehousing juggernaut continues

Warehouse

Monday, June 22, 2015 – 09:00 a.m.

The Inland Empire logistics renaissance is booming,

Tilt-up warehouse construction is on fire and all those high-paying jobs, according to a handful of experts, are not far behind.

Read the rest of this entry »

InlandPolitics: Greece default borders on comical

(Source: Bloomberg)

Monday, June 22, 2015 – 08:30 a.m.

Will the economically-tiny nation of Greece default?

Is it already too late?

If it does. Will the event ripple through the financial markets?

Read the rest of this entry »

Riverside-County-Seal

Published: June 19, 2015 – 3:51 p.m.

With public-safety-spending absorbing an ever-growing piece of Riverside County’s budget pie, supervisors want a closer look at how the sheriff and district attorney spend taxpayer dollars.

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

State Capitol

Capitol Alert
By David Siders and Jeremy B. White
dsiders@sacbee.com
June 19, 2015

Three days after Gov. Jerry Brown and legislative leaders reached agreement on a $115.4 billion general fund state spending plan, lawmakers in both houses on Friday ratified the deal.

Read the rest of this entry »

unemployment

By Chris Kirkham
June 19, 2015

  • California adds 54,200 jobs in May; unemployment rate slightly up to 6.4%
  • California continues nearly four-year streak of monthly job growth, adding 54,200 jobs in May

California employers continued a nearly four-year hiring streak by adding 54,200 jobs in May, one of the largest monthly employment jumps in the last year.

Read the rest of this entry »

The Press-Enterprise: FORECLOSURE: Zombie properties dog Inland region

foreclosure_0204

Such properties continue to haunt Inland region; but by sheer numbers, the homes that are vacant from the time of bank repossession to occupancy are fading.

Published: June 18, 2015
Updated: June 19, 2015 – 7:54 a.m.

Zombie properties continue to dog the Inland region, but their numbers are dwindling.

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

The Sacramento Bee: Opinion: Our roads are just shameful

Dan Walters

Dan Walters
dwalters@sacbee.com
June 18, 2015

  • Gov. Jerry Brown calls for new roadway financing
  • Californians already pay very high gas taxes
  • Would be it more gas tax or another levy?

There was a time when California was teaching the world how to build first-class highway systems.

Read the rest of this entry »

The Sun: San Bernardino bankruptcy plan criticized in court

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/17/15 – 11:24 PM PDT |

RIVERSIDE >> The attorney representing bondholders who’ve invested about $50 million in San Bernardino came out swinging Wednesday in the first bankruptcy hearing since the city filed a bankruptcy exit plan that would pay bondholders only 1 percent of that.

Read the rest of this entry »

Daily Press: City council approves balanced budget

hesperia_logo

By Rene Ray De La Cruz, Staff Writer
Posted Jun. 18, 2015 at 12:01 AM

HESPERIA — During a lengthy meeting, the city council passed its new fiscal year budget without raising fees or taxes.

Read the rest of this entry »

Up Arrow

By Andrew Khouri
June 17, 2015

Southern California home prices rose slightly in May, while sales jumped during the busy spring buying season.

Read the rest of this entry »

Janet Yellen

Federal Reserve Chairwoman Janet L. Yellen speaks in May at the Institute for New Economic Thinking Conference on Finance and Security at the International Monetary Fund in Washington. (Jacquelyn Martin / Associated Press)

By Jim Puzzanghera
June 17, 2015

Federal Reserve policymakers on Wednesday kept the central bank’s benchmark short-term interest rate near zero, opting against the first increase since 2006 after determining the economy still isn’t strong enough to handle it.

Read the rest of this entry »

wells fargo logo

jpmorganchase2

Wells Fargo, JPMorgan Chase and four other banks are still not meeting standards in handling troubled mortgage borrowers, federal bank regulators say. (Julie Jacobson / Associated Press)

By E. Scott Reckard
June 17, 2015

Four years after pledging to clean up wide-ranging foreclosure abuses, Wells Fargo & Co., JPMorgan Chase & Co. and four other banks still aren’t complying with customer-service standards imposed by a federal regulator.

Read the rest of this entry »

Jerry Brown

California Gov. Jerry Brown discusses his revised state budget plan during a news conference at the Capitol in Sacramento last month. On Tuesday, Brown and top Democratic lawmakers struck a deal on the budget. (Rich Pedroncelli / Associated Press)

By Chris Megerian and Melanie Mason
June 17, 2015

Immigrant children who are in the country illegally would receive public healthcare coverage in California under a budget deal announced Tuesday by Gov. Jerry Brown and legislative leaders.

Read the rest of this entry »

The Sun: San Bernardino streets to stay unswept for now

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/16/15 – 6:38 PM PDT |

SAN BERNARDINO >> It’s better to have dirty streets for a few more weeks than to rush into a six-figure contract, the City Council decided this week after an hours-long discussion several of the council members described as “dysfunctional.”

Read the rest of this entry »

Calculator+Finance+Budget

By Judy Lin
Associated Press
Jun 16, 2016 – 8:03 PM EDT

SACRAMENTO, Calif. (AP) — A $115.4 billion budget deal would make California the first in the nation to offer state-subsidized health care to children who are in the country illegally while expanding other social welfare programs, Gov. Jerry Brown and legislative leaders said Tuesday.

Read the rest of this entry »

Jerry Brown

Gov. Jerry Brown speaks at a gathering of political, business and community leaders at the annual California Chamber of Commerce Host Breakfast in Sacramento, Calif., Thursday, May 28, 2015. | Rich Pedroncelli AP

Capitol Alert
June 16, 2015
By David Siders
dsiders@sacbee.com

  • Brown says he wasn’t asked about keeping tax pledge in fourth term
  • He was asked, but ducked the question

Gov. Jerry Brown, asked Tuesday if he would now be willing to sign tax increases without voter approval, said that is an “open question.”

Read the rest of this entry »

Dan Walters

Dan Walters
dwalters@sacbee.com
June 16, 2015

  • Obamacare enrollees have difficulty finding providers
  • Legislative budget raised reimbursement rates in California
  • Spending deal axes rate increases, leaving issue in air

The Supreme Court will soon decide whether residents of states that refused to implement Obamacare are entitled to federal insurance subsidies.

Read the rest of this entry »

Riverside-County-Seal

Department heads seek additional funding during budget workshop, saying money is desperately needed.

Published: June 15, 2015 – Updated: 10:56 p.m.

Even though Riverside County’s revenues are projected to grow, it’s not enough to pay for major new spending obligations.

For years, many county departments have absorbed higher labor costs with no additional funds from the county budget. The district attorney and animal services chief said their departments are at the breaking point.

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

California Capitol

Capitol Alert
By David Siders and Jeremy B. White
dsiders@sacbee.com
June 15, 2015

  • Vote meets deadline, ensuring lawmakers continue to be paid
  • Spending plan comes despite ongoing negotiations with governor
  • Republican lawmaker: ‘It’s the legislative paycheck protection act’

The budget California state lawmakers passed Monday did not reflect a deal with Gov. Jerry Brown and, for that reason, has almost no hope of being enacted.

Negotiations are ongoing.

Read the rest of this entry »

Jerry Brown

Gov. Jerry Brown Jr. is joined by, from left to right, Senate President Pro Tem Kevin de Leon, Assembly Republican Leader Kristin Olsen, Senate Republican Leader Bob Huff and Assembly Speaker Toni Atkins, as they head to a press conference at the state Capitol. | Randy Pench rpench@sacbee.com

Dan Walters

Dan Walters
dwalters@sacbee.com
June 15, 2015

  • Budget passage meets constitutional deadline
  • Actions set stage for negotiations with Gov. Brown
  • Legislature’s leaders can blame governor for blocking their programs

Some years ago, a state senator publicly accused a colleague of uttering “mindless blather.”

Read the rest of this entry »

Los Angeles Times: Gap closing 175 namesake stores in U.S.

GAP

San Francisco-based Gap is closing 175 of its namesake stores. (Gene J. Puskar / AP)

By Associated Press
June 15, 2016

Gap plans to close 175 of its namesake stores and 250 jobs at its headquarters as the company tries to strengthen the struggling brand.

Read the rest of this entry »

Los Angeles Times: San Bernardino: Broken City

San Bernardino

San Bernardino, once a sturdy, middle class “All-America City,” is now bankrupt, the poorest city of its size in California, and a symbol of the nation’s worst urban woes.

June 14, 2015
By Joe Mozingo
Photos by Francine Orr

With a rake and a mask, the motel manager steps carefully into Room 107.

This afternoon, Sam Maharaj will evict a couple and their 4-month-old baby for not paying their bill. The mother sits on the side of the bed, still twitching from slamming methamphetamine the night before.

Read the rest of this entry »

Riverside-County-Seal

Supervisors are being asked to approve a budget for the project, including a huge construction contract.

Published: June 12, 2015
Updated: June 14, 2015 – 10:23 p.m.

After years of planning, Riverside County supervisors on Tuesday, May 16, are poised to sign off on a $330.35 million plan to add more than 1,200 beds to the county’s chronically crowded jail system.

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

Jerry Brown

California Gov. Jerry Brown

By Chris Megerian
June 14, 2015

The Legislature is expected to approve a budget Monday that bets on California’s economy to continue growing and sets the stage for higher state spending in coming years.

Read the rest of this entry »

interest_rates

By Jim Puzzanghera and Andrew Khouri
June 14, 2015

In moving from London at the beginning of the year, Rose-Linn Jensen would have preferred to spend a year getting familiar with the Los Angeles area before buying a home.

Read the rest of this entry »

SBCO

Sunday, June 14, 2015 – 10:30 a.m.

On Tuesday, San Bernardino County Supervisors, under agenda item 95, will consider approval of a record $4.6 billion budget for the upcoming fiscal year, which starts on July 1.

Read the rest of this entry »

Boeing Long Beach Factory

At the beginning of the year, Boeing had 17,566 employees in the Golden State — half of the 35,000 employed here 10 years ago. Above is Boeing’s Long Beach plant, which is being shut down. (Ricardo DeAratanha, Los Angeles Times)

By Melody Petersen
June 13, 2015

Once there were so many workers building military cargo jets at Boeing’s sprawling plant in Long Beach that employees put flags on their cars to find them in the vast parking lot.

Read the rest of this entry »

The Press-Enterprise: MORENO VALLEY: Warehouse question won’t be decided soon

Iddo Benzeevi

Iddo Benzeevi, CEO of Highland Fairview, is proposing the World Logistics Center on Moreno Valley’s east side. (David Danelski / File Photo)

Published: June 12, 2015 – Updated: 11:14 p.m.

Evaluating the World Logistics Center mega-warehouse won’t be a quick process.

Moreno Valley planning commissioners say they may need a couple more meetings to fully vet the 40.6-million-square-foot project proposed for the city’s east end.

To read story by Imran Ghori in The Press-Enterprise, click here.

Drought in California

By Lisa M. Krieger, San Jose Mercury News
Posted: 06/12/15 – 8:49 PM PDT |

SACRAMENTO >> In a historic step, California is cutting water allotments to some of the state’s most senior rights holders, who have depended upon essentially unlimited water from the state’s rivers and streams for more than a century.

Read the rest of this entry »

Debra J. Saunders

By Debra J. Saunders
Friday, June 12, 2015 – Updated 3:08 pm

“There are also those who claim that our reform effort will insure illegal immigrants. This, too, is false — the reforms I’m proposing would not apply to those who are here illegally,” President Obama proclaimed in a 2009 speech to Congress. It was a memorable event in part because Rep. Joe Wilson, R-S.C., shouted, “You lie.” Editorial-page umbrage followed.

Read the rest of this entry »

The Sacamento Bee: Opinion: A big debt omitted from ‘wall’

Dan Walters

Dan Walters
dwalters@sacbee.com
June 11, 2015

  • Jerry Brown has reduced ‘wall of debt’
  • He excluded $10 billion owed to feds
  • Ignoring it could create big problem

Three years ago, Gov. Jerry Brown added “wall of debt” to the political lexicon.

Read the rest of this entry »

Lou Desmond

Thursday, June 11, 2015 – 04:00 p.m.

On the Lou Desmond and Company Show tonight, Jay Prag is in the Toyota of San Bernardino Recording Studious. Up first, Inland Empire companies and cities continue sending contracts to Orange County and Los Angeles. What can be done to keep jobs here?

Read the rest of this entry »

city-of-riverside-seal

Internal audit showed $19.4 million spent over five years, sometimes without contracts or documents explaining why outside attorneys were needed.

Published: June 10, 2015 – Updated: 11:36 p.m.

An audit that showed Riverside officials spent nearly $20 million in five years to hire outside lawyers may have raised as many questions as it answered.

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

Warehouse

A pair of warehouse construction projects is transforming the view of Redlands from Interstate 10.

Published: June 9, 2015
Updated: June 10, 2015 2:58 p.m.

A pair of warehouse construction projects is transforming the view of Redlands from Interstate 10.

Construction of the Redlands Commerce Center, a 1.1-million-square-foot industrial development to serve the warehousing and logistics industry, has begun on a 51-acre swath of land between the westbound lanes of the freeway and Lugonia Avenue.

To read story by Debra Gruszecki in The Press-Enterprise, click here.

California Roads

Efforts to chip away at the estimated $59 billion in upgrades needed for California highways and bridges would become more difficult if the state faces new shortfalls. (Mark Boster / Los Angeles Times)

By Chris Megerian
June 10, 2015

Even as California’s leaders prepare a new state budget that is flush with cash, Gov. Jerry Brown has increasingly raised the specter of another recession that could undo years of hard-won financial progress.

Read the rest of this entry »

Proposition 13

By Phil Willon
June 10, 2015

Saying a major “loophole” allows some business to unfairly avoid paying billions of dollars in taxes, two Democratic state senators on Wednesday filed a proposed constitutional amendment to revise Proposition 13, the landmark property tax initiative approved by California voters in 1978.

Read the rest of this entry »

California Money

By Julia Horowitz, The Associated Press
Posted: 06/10/15 – 10:35 PM PDT |

SACRAMENTO >> After taking a significant recession-era hit, California’s economy has bounced back up to the seventh largest in the world as the state’s gross domestic product reached $2.3 trillion in 2014, according to figures released Wednesday by the U.S. Bureau of Economic Analysis.

Read the rest of this entry »

Los Angeles Times: California state senators to propose overhaul of Prop. 13

California Taxes

California Sens. Loni Hancock (D-Berkeley), left, and Holly Mitchell (D-Los Angeles) want offices and factories to be regularly reassessed for property taxes.

By Chris Megerian
June 10, 2015

SACRAMENTO — Two Democratic state senators plan to introduce legislation Wednesday to overhaul Proposition 13, the state’s landmark restrictions on property taxes, so local governments can raise more revenue from commercial and industrial properties.

Read the rest of this entry »

InlandPolitics: Rapists in the night!

Gas Prices

Tuesday, June 9, 2015 – 09:00 a.m.

Like rapists in the night, oil companies have picked, gouged and fleeced the pockets of California driver’s for the past three and one-half months.

Read the rest of this entry »

Wall Street

June 8, 2015 –  01:31 PM EDT
By Bernard Condon
AP Business Writer

NEW YORK (AP) — Those record profits that companies are reporting may not be all they’re cracked up to be.

Read the rest of this entry »

california_state_flag

Capitol Alert
By Jim Miller
jmiller@sacbee.com
June 8, 2015

California’s finances have mostly moved beyond the fund shifts, deferrals, borrowing and other budgeting maneuvers that became common during past fiscal downturns, according to a new study of budget transparency by an organization led by former Fed Chairman Paul Volcker, which warns that the “state’s fiscal culture” could revert if revenue falls.

Read the rest of this entry »

calpers

The nation’s largest pension fund is planning to slash the number of Wall Street firms its uses to manage its investments.

By Dean Starkman
June 8, 2015

The California Public Employees’ Retirement System plans to cut in half the number of Wall Street firms it pays to manage its $303 billion fund, an effort to cut down on high fees that drag down returns.

Read the rest of this entry »

Calstrs

Business & Real Estate

Teachers’ pension fund was pressured to dump holdings

By Dale Kasler
dkasler@sacbee.com
June 8, 2015

Ending a lengthy effort that had frustrated school teachers, CalSTRS has sold its investment in the firearms manufacturer linked to the 2012 massacre at a Connecticut elementary school.

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Lou Desmond

Monday, June 8, 2015 – 05:00 p.m.

Tonight on the Lou Desmond and Company Show: Judy Oakes was released from jail after serving six months of her five year sentence. You may recall, she is the one who stole the lunch money from the Rialto Unified School. Also, the TSA allowed 73 individuals with ties to terrorism into secure areas.

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Dan Walters

Dan Walters
dwalters@sacbee.com
June 7, 2015

  • California schools enjoy bounty of new money
  • It’s supposed to be spent on ‘high-needs’ students
  • Teacher unions, districts want money for salaries

As a severe recession gripped California a half-decade ago, the state budget took a beating and it hit education hard.

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National Journal: The Next Budget Conflict Has Begun

National Journal

The dispute over defense vs. domestic funds means spending bills will pile up until September. What happens then?

By Fawn Johnson
June 7, 2015

The message from Senate Democrats this week will go like this: Serious talks should begin now on avoiding a government shutdown. Why force us to carry out our threat of blocking all spending bills until we hit September, the last few days of the fiscal year, to come up with a panicked back-against-the-wall solution? We all know that’s where we’re heading.

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The Press-Enterprise: RIVERSIDE: City to spend more in 2015-16 budget

city-of-riverside-seal

City Manager John Russo says healing economy has brought city more revenue, which allows some hiring.

Published: June 5, 2015
Updated: June 6, 2015 – 7:47 p.m.

Riverside’s budget will grow in fiscal 2016 and officials will hire staff in the planning department, but an even more significant change to the city’s finances is yet to come.

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

The Sun: Redlands City Council OKs budget for 2015-16

Redlands

By Sandra Emerson, Redlands Daily Facts
Posted: 06/06/15 – 6:48 PM PDT |

REDLANDS >> The city’s budget for next fiscal year has been approved and includes funding for several additional employees.

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Warehouse

By Jim Steinberg, San Bernardino Sun
Posted: 06/06/15 – 8:58 PM PDT |

There’s an economic tsunami washing over the Inland Empire and it shows no signs of slowing down, experts say.

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