Archive for the ‘ Finance ’ Category

Los Angeles Times: Oil refinery profits set a record in California

Gas Prices

The recent surge in regional fuel prices has left L.A. area drivers paying the nation’s highest average for a gallon of gas. (Jerome Adamstein / Los Angeles Times)

By Ivan Penn
July 31, 2015

Oil refinery profits set a California record of $1.61 a gallon in July as consumers in the Los Angeles region paid as much as a dollar more than the rest of the nation.

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The Press-Enterprise: UCR: Study calls warehouse jobs low-paying

Logistics

UC Riverside researchers call for better pay and health care for warehouse workers.

Published: July 30, 2015 – Updated: 11:02 p.m.

  • Average hourly pay for blue-collar warehouse employee: $10.05
  • Employed through temporary staffing agency: 63 percent.
  • Average length of employment: 28 months.

While Inland cities are increasingly looking to the logistics industry for economic growth, two recent studies by University of California, Riverside researchers say the mainly blue-collar employees who work at warehouses are paid poorly and lack proper access to health care.

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

Wage Growth

Markets | Fri Jul 31, 2015 – 9:21am EDT
WASHINGTON | By Lucia Mutikani

U.S. labor costs in the second quarter recorded their smallest increase in 33 years amid tepid gains in the private sector, but it likely was a temporary setback against the backdrop of diminishing labor market slack.

Read the rest of this entry »

Lou Desmond

Thursday, July 30, 2015 – 05:00 p.m.

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

Tonight on the show, Lou is joined by Dr. Adrian Moore of the Reason Foundation. First up, San Bernardino has reached an agreement with the police department, but details are sparse. Then, Hillary got fired from her “favorite summer job” after just one week.

Read the rest of this entry »

InlandPolitics: Economy: GDP up 2.3% in second quarter

Economy

Thursday, July 30, 2015 – 07:30 a.m.

The U.S. Commerce Department reading on the U.S. economy reflected a mediocre climate.

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San Bernardino Seal

San Bernardino Mayor Carey Davis called the contract agreement between the city and the San Bernardino Police Officers Association “very favorable” to the city.

By Ryan Hagen, The Sun
Posted: 07/29/15 – 5:42 PM PDT |

After more than two years of police leaving San Bernardino, saying the lack of a contract robbed them of a sense of stability in a city where many residents say crime is their top concern, the police union and city negotiators both say they’ve agreed on a new contract.

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Daily Bulletin: Upland approves $43 million budget, cuts shelter funding

Upland seal

By Liset Marquez, Inland Valley Daily Bulletin
Posted: 07/27/15 – 6:16 PM PDT |

UPLAND >> The city council approved the 2015-16 budget, including $350,000 cut to the animal shelter, but not after a spirited deliberation that went into the early morning hours.

Read the rest of this entry »

Lou Desmond

Monday, July 27, 2015 – 04:30 p.m.

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

Tonight on the show, Jay Prag, estimable economist, joins the show. The Jay and Lou talk about the mayor of Murrieta’s sexual harassment accusations. Also, the mayor and city manager in San Bernardino can’t seem to get along.

Read the rest of this entry »

METRO

By Daniel Borenstein, Staff Columnist
Posted: 07/24/2015 – 04:00:00 PM PDT

Although public employee pension plans across California are badly underfunded, union leaders have expressed little concern about the security of workers’ retirement pay.

Read the rest of this entry »

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 25, 2015

  • Two proposed ballot measures use same strategy
  • They are aimed at voter approval for pensions, Delta tunnels
  • Opponents would be forced to argue public shouldn’t have a vote

It’s no secret that the Legislature’s dominant Democrats want to make it more difficult to place initiative measures on the statewide ballot.

Read the rest of this entry »

The Sacramento Bee: California’s gas tax drops to fourth highest in U.S.

Gas Prices

Lydia Holland replaces the gas nozzle after filling up at a Sacramento gas station in 2014. The Tax Foundation says in a new report that California’s gas tax, which recently dropped by 6 cents a gallon, is now the nation’s fourth highest. | Rich Pedroncelli AP

Capitol Alert
By Dan Walters
dwalters@sacbee.com
July 24, 2015

  • Pennsylvania has nation’s highest gas tax
  • California would have been No. 2 without recent cut
  • Alaska has the lowest tax on auto fuel

Both Congress and the California Legislature are noodling over whether to raise fuel taxes to pour more money into highway projects.

Read the rest of this entry »

InlandPolitics: Crude oil continues fall, California gas prices barely move

Gas Prices

Friday, July 24, 2015 – 09:00 a.m.

Crude oil prices continued falling on Friday morning, with the price for a barrel of West Texas Intermediate Crude Oil hitting a low of $47.96.

However, California retail gasoline prices have barely budged.

Read the rest of this entry »

Citizens Business Bank

Citizens Business Bank’s Ontario-based parent company reports $26.8 million in net 2Q 2015 income, the 153rd consecutive quarter of profitability.

Published: July 23, 2015 – 2:36 p.m.

CVB Financial Corp., and its subsidiary Citizens Business Bank, reported $26.8 million in net income for the April-through-June quarter of 2015.

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

InlandPolitics: Where’s the gasoline shortage?

Refinery

Wednesday, July 22, 2015 – 04:30 p.m.

New data from the California Energy Commission begs the same question we’ve been asking all year.

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Gas Prices

Wednesday, July 22, 2015 – 08:00 a.m.

An uptick in crude oil inventory and the impending sale of Iranian oil on the global market has kept downward pressure on prices.

Read the rest of this entry »

LA County Seal

By Abby Sewell, Jean Merl and Katie Shepherd
July 21, 2015

Organized labor won an important victory Tuesday when the Los Angeles County Board of Supervisors voted to increase the minimum wage to $15, but it now faces a more daunting political challenge: convincing other local governments to join the movement.

Read the rest of this entry »

Lou Desmond

Monday, July 20, 2015 – 04:30 p.m.

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

Tonight, Estimable Economist Jay Prag joins the show on this, the 46th anniversary of the Apollo 11 lunar landing. He and Lou discuss some high towing bills that were a result of the North Fire, which broke out on I-15 this weekend.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
July 19, 2015

  • Media reports on budget’s size vary widely
  • Their numbers are correct up to a point
  • Official numbers far less than total spending

It’s time again for some more fun with numbers – big numbers.

They’re the numbers associated with the 2015-16 state budget, which the Legislature and Gov. Jerry Brown enacted last month.

Read the rest of this entry »

InlandPolitics: Gas prices start to “inch” down

Gas Prices

Sunday, July 19, 2015 – 10:00 a.m.

California wholesale gas prices have fallen about 50 cents a gallon in the past 48-hours. But don’t wait for pump prices to fall significantly anytime soon.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
July 18, 2015

  • California’s official poverty rate isn’t bad
  • Its real poverty rate is among nation’s highest
  • More jobs would be the best cure for malady

When the Census Bureau began calculating poverty a half-century ago – as a “war on poverty” became a hot issue in Washington – it devised a rather simple formula.

Read the rest of this entry »

InlandPolitics: San Bernardino County not “over the hump” on pension costs

Pension Reform

Saturday, July 18, 2015 – 02:30 p.m.

Several months ago county administrators told the Board of Supervisors the county was over the hump on ever escalating pension cost increases.

Not a chance!

Read the rest of this entry »

Gas Prices

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IE Business Daily

By IE Business Daily
Saturday, July 18, 2015

Anyone notice the price of gasoline this week? Of course, if you are like most Californians who have to drive to live (instead of living to drive like the car ads), you have noticed that the price of gas is up 80 cents a gallon in many locations. In some locations, the price is above five dollars a gallon!

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unemployment down

By Tiffany Hsu
July 17, 2015

  • Job Reports and Statistics Jobs and Workplace Job Market Unemployment and Layoffs

Job growth in California continued to hum along in June as employers added 22,900 nonfarm payroll positions from the previous month.

Read the rest of this entry »

The Lou Desmond & Company Show: Home Values Up, Donald Trump, Hillary Clinton

Lou Desmond

Friday, July 17, 2015 – 03:00 p.m.

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

Tonight, Ed Hoffman, Doctor of Capitalism, joins the show to talk about the rising home values and sales in the Inland Empire and the shooting in Chattanooga, Tennessee. After that, they discuss Donald Trump. Ed likes him, Lou does not. But why is his popularity climbing?

Read the rest of this entry »

SANYO DIGITAL CAMERA

Friday, July 17, 2015 – 10:00 a.m.

California legislators apparently could give a gee-whiz about the sky-high gasoline prices sucking millions out of their constituents pockets.

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Up Arrow

By Sarah Favot, Los Angeles Daily News
Posted: 07/16/15 – 7:33 PM PDT |

Fueled by an increase in home sales, the assessed value of all taxable property in Los Angeles County rose 6.13 percent in 2015 — the largest jump since 2010 — the county assessor reported Thursday.

Read the rest of this entry »

Home for sale

By Andrew Khouri
July 16, 2015

The Southern California housing market, known for its dramatic swings, is settling into a more normal, healthy pattern.

Read the rest of this entry »

Riverside-County-Seal

$1.285 billion: The estimated value of the county’s unfunded pension liability. More than 80 percent of the county’s pension obligations are already funded.

Published: July 15, 2015 – Updated: 10:42 p.m.

Riverside County officials say changes to the county’s public employee pension system have saved money, but that the county will still pay millions of dollars more to the statewide pension network.

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

Lou Desmond

Wednesday, July 15, 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 and Rob Starr from Toro joins the show to talk about new drought mandates that are limiting the amount of turf that can be put in at homes. Is the problem the water usage or the state’s water infrastructure?

Read the rest of this entry »

California Governor Jerry Brown waits to speak during a news conference at the State Capitol in Sacramento, California March 19, 2015. REUTERS/Max Whittaker

California Governor Jerry Brown waits to speak during a news conference at the State Capitol in Sacramento, California March 19, 2015. (Reuters/Max Whittaker)

Politics | Tuesday, July 14, 2015 – 7:17am EDT

SACRAMENTO, Calif. | By Sharon Bernstein

After years of fiscal and policy restraint by California Governor Jerry Brown, a new crop of legislative leaders are trying to push the state further to the left, with mixed results.

Read the rest of this entry »

Calpers

Mary Childs and Alison Vekshin
July 14, 2015 -3:51 PM PDT

  • The $300 billion fund says it earned 2.4 percent in the last fiscal year, below its 7.5 percent target rate.

The chief investment officer of the biggest U.S. pension fund is most worried about low interest rates as the California Public Employees’ Retirement System struggles to earn enough money to pay beneficiaries.

Read the rest of this entry »

Riverside-County-Seal

The sheriff has been wary of the study, which would be done by an outside party.

Published: July 13, 2015 – Updated: 11:58 p.m.

Riverside County supervisors and Sheriff Stan Sniff continue to differ over the value of a planned review of the county’s public safety expenses, with supervisors calling it a fresh look to find savings and the sheriff blaming board-approved pay hikes for boosting his costs.

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

California Seal

AP California News
By JUDY LIN
Associated Press
Jul 13, 4:59 PM EDT

SACRAMENTO, Calif. (AP) — California can proceed with setting up a state-run savings program for private-sector workers who don’t have access to retirement plans at work, under a rule change ordered by President Barack Obama on Monday.

Read the rest of this entry »

The Sacramento Bee: Opinion: Pensions fight gets new ammo

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 13, 2015

  • Ballot measure seeks to curb pension spending
  • Both sides gearing up for a big fight next year
  • Paltry earnings by CalPERS provide fuel

It’s likely that California voters will be treated – or subjected – next year to a vitriolic campaign over public employee pensions.

Read the rest of this entry »

calpers

By Dean Starkman
Monday, July 13, 2015

The California Public Employees’ Retirement System said it missed its return target by a wide margin, hurt by a sluggish global economy and an under-performing private equity portfolio.

Read the rest of this entry »

InlandPolitics: California leads gas price ranking and it’s not even close!

 Gas Prices

Monday, July 13, 2015 – 08:45 a.m.

California has skyrocketed back to the number one position on the highest gas prices in the country list.

Read the rest of this entry »

InlandPolitics: Greece, EU strike third bailout deal

Greece Bailout

Monday, July 13, 2015 – 08:40 a.m.

Greece and it’s European counterparts struck a deal for a third bailout of the beleaguered nation early Monday morning in Brussels.

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California Street Commerce Center

An aerial view shows the plot of land next to the 10 Freeway being developed as part of the California Street Commerce Center in Redlands, north of the 10 Freeway and west of the Splash Kingdom Waterpark. Courtesy photo — Lee & Associates

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 07/12/15 – 7:59 PM PDT |

REDLANDS >> A major industrial project is taking shape next to the 10 Freeway and adjacent to the Splash Kingdom Waterpark.

Read the rest of this entry »

IE Business Daily: California: Coming for Your Pocketbook Again!

Inland-Empire-Political-News-Political-Whispers

By IE Business Daily
Saturday, July 11, 2015

The State of California just passed a $125 Billion State budget which increases funding for education, welfare programs, and expands Medi-Cal.

Read the rest of this entry »

Riverside-County-Seal

Officials say settling cases is cheaper than going to trial. The families who sue say they want justice, not cash.

Published: July 10, 2015
Updated: July 12, 2015 10:27 a.m.

More than bullets are spent when a Riverside County sheriff’s deputy shoots a suspect.

Wrongful death lawsuits filed against the county Sheriff’s Department have cost taxpayers at least $8.39 million since 2003, a Press-Enterprise analysis found.

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

Los Angeles County - Take Home Cars

Supervisors Don Knabe and Michael Antonovich each exceeded the county’s price limit when they bought their hybrid SUVs: a $56,288 Chevrolet Tahoe and a top-of-the-line $65,648 GMC Yukon Denali, respectively. (Hans Gutknecht — Staff Photographer)

By Mike Reicher, Los Angeles Daily News
Posted: 07/11/15 – 3:23 PM PDT |

Walk the garage under Los Angeles County’s headquarters and you’ll see rows of practical Ford Tauruses and efficient Toyota Priuses — the ones with government seals on the front doors.

Read the rest of this entry »

West Covina

By Stephanie K. Baer, San Bernardino County Sun
Posted: 07/10/15 – 10:48 PM PDT |

WEST COVINA — Assemblyman Roger Hernandez, D-West Covina, said Friday that the findings of a state audit into the city’s fiscal mismanagement revealed criminal activity at City Hall that ultimately led to the waste of taxpayer money.

Read the rest of this entry »

InlandPolitics: March Joint Powers Authority launches general aviation facility

March - Millionaire FBO

Friday, July 10, 2015 – 09:00 a.m.

The March Joint Powers Authority has officially launched its new general aviation facility and fixed base operation at March Air Reserve Base.

Read the rest of this entry »

SBCO

By Joe Nelson, The Sun
Posted: 07/09/15 – 8:29 PM PDT |

SAN BERNARDINO >> Millions of dollars in upgrades and more staff are needed in county jails to address issues related to state prison realignment, Sheriff John McMahon and county CEO Greg Devereaux said Thursday.

Read the rest of this entry »

Michael Peevey

The Hotel Bristol Warsaw, where state regulators met with a utility executive.
Shareholder says company erred in not disclosing

By Morgan Lee | 6:13 p.m. July 9, 2015

A federal lawsuit filed this week accuses two top Edison International executives of harming shareholders by failing to disclose secret meetings with California regulators regarding a $4.7 billion settlement of costs for the failure of the San Onofre nuclear plant.

Read the rest of this entry »

Taxes

Capitol Alert
By David Siders and Jim Miller
dsiders@sacbee.com
July 9, 2015

  • Jerry Brown, Democratic lawmakers seek funding for roads, health care
  • Billions of dollars in unfunded maintenance plagues California roadways
  • Health funding more politically difficult than roads, but both efforts uncertain

Inheriting a budget deficit when he took office in 2011, Gov. Jerry Brown tried for months – and failed – to reach agreement with Republicans to put a tax measure on the ballot. He finally bypassed the Legislature and went directly to voters himself.

Read the rest of this entry »

Photo: Valero refinery

By Kevin Smith, San Gabriel Valley Tribune
Posted: 07/09/15 – 7:57 PM PDT |

California refineries support 2.4 million jobs that depend on the petroleum-based products they produce but increasing regulatory demands are jeopardizing their ability to continue operations in the state, according to a report released this week.

Read the rest of this entry »

InlandPolitics: More gas price manipulation: This time it’s creative!

Gas Prices

Thursday, July 9, 2015 – 10:00 a.m.

There’s some new spin on a now expected rise in California gasoline prices. That’s even though the price of crude oil has taken a steep fall in the past week.

Read the rest of this entry »

Lou Desmond

Wednesday, July 8, 2015 – 05:00 p.m.

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

Read the rest of this entry »

Riverside-County-Seal

Supervisors approve $51 million worth of adjustments to the new Riverside County budget.

Published: July 7, 2015 – Updated: 6:43 p.m.

Riverside County’s district attorney said he appreciates the additional $8 million in his budget, but it’s not enough to close a projected budget shortfall in his office.

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

The Sacramento Bee: Opinion: Tax surge a problem for Dems

Dan Walters

By Dan Walters
dwalters@sacbee.com
July 7, 2015

  • Several big tax increases in the mill
  • California already seeing extra revenue
  • Revenue wave aids anti-tax groups

The Legislature’s Democrats were miffed when Gov. Jerry Brown insisted on using his revenue estimates as the basis for the 2015-16 state budget, rather than a higher number calculated by legislators’ budget adviser.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

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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.

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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.

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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.

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