Archive for the ‘ Finance ’ Category

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U.S. home prices are slightly above the peak set in July 2006, according to the Case-Shiller national home price index.

Andrew Khouri
November 29, 2016

Southern California home prices jumped last month, but sales flatlined in a region where homeownership is increasingly out of reach for the middle class.

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The Washington Post: Wells Fargo wants claims over fake accounts settled out of court

wells fargo logo

By Chris Dolmetsch and Laura J. Keller
November 25, 2016

Wells Fargo is calling for dozens of customers suing over bogus accounts opened by the bank’s employees to resolve the dispute through arbitration rather than federal court.

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The Sacramento Bee: Brown probably won’t leave budget deficit, but future cloudy

Dan Walters

By Dan Walters
dwalters@sacbee.com
November 20, 2016 2:44 PM

California’s gubernatorial transitions have included a less-than-stellar tradition in recent decades – outgoing governors leaving budget deficits to successors.

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Calpensions: CalPERS, CalSTRS considering more rate increases

Pensions

Ed Mendel
November 21, 2016

The state’s two largest public pension systems never recovered from huge investment losses during the deep recession and stock market crash in 2008. CalPERS lost about $100 billion and CalSTRS about $68 billion.

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federal reserve

Don Lee
November 17, 2016

Federal Reserve Chairwoman Janet L. Yellen gave a relatively upbeat assessment of the economy Thursday, further signaling a likely interest rate hike next month.

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Los Angeles Times: Wells Fargo hit with new sanctions following fake-accounts scandal

wells fargo logo

James Rufus Koren
November 18, 2016

A federal regulator has tightened restrictions on Wells Fargo & Co., requiring it to get approval to replace or hire new executives and make other changes, in the latest fallout over the San Francisco bank’s fake-accounts scandal.

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Jobs

Business & Real Estate
By Dale Kasler
dkasler@sacbee.com
November 18, 2016 – 9:00 AM

California employers added 31,200 more jobs to the state’s economy in October, although the unemployment rate held steady at 5.5 percent, state officials said Friday.

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The Union Democrat (AP): California analyst projects $2.8 billion budget surplus

California Money

AP Nation / World
By Jonathan J. Cooper
Associated Press
Nov 16, 2016 – 6:35 PM EST

SACRAMENTO, Calif. (AP) — California’s nonpartisan legislative analyst said Wednesday he’s forecasting a $2.8 billion budget surplus next year and says California should be able to weather a mild recession without major budget cuts or tax increases over the next four years.

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Bloomberg: Wells Fargo’s Stars Thrived While 5,000 Workers Got Fired

General Views Of Wells Fargo Locations Ahead Of Earns Figures

Laura J Keller, Dakin Campbell and
Kartikay Mehrotra
Published: November 3, 2016 — 2:00 AM PDT
Updated: November 3, 2016 — 6:38 AM PDT

After Wells Fargo & Co. executive John Sotoodeh handed off more than a hundred branches in Southern California to a colleague in 2009, problems surfaced quickly.

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wells-fargo

More than 250,000 homeowners who had loans serviced by Wells between 2005 and 2010 and paid for the appraisals could receive at least $120 each. (Photo: CX Matiash, Associated Press)

By Kathleen Pender
Published: October 31, 2016
Updated:   October 31, 2016 – 4:33pm

More than 250,000 homeowners who had loans serviced by Wells between 2005 and 2010 and paid for the appraisals could receive at least $120 each.

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Los Angeles Times: Southern California home sales dip in September

down-arrow

Andrew Khouri
October 26, 2016

The Southern California real estate market took a breather in September, with sales dipping slightly as the market entered a typically slower season amid price gains that have made homes less affordable.

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The Mercury News: Apple sales post first annual decline in 15 years

Apple Inc.

By Rex Crum | rcrum@bayareanewsgroup.com
Published: October 25, 2016 at 2:03 pm | Updated: October 26, 2016 at 5:44 am

CUPERTINO — For any other company, reporting annual sales of more than $215 billion would be worth celebrating. For Apple, however, it’s a reason for disappointment.

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Los Angeles Times: California adds 30,000 jobs as unemployment holds at 5.5%

California

Natalie Kitroeff
October 21, 2016

California’s unrelenting economy refused to slow in September, amassing another 30,000 new jobs even as more people seeking work opted into the labor market, according to state data released Friday.

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Los Angeles Daily News: San Bernardino reaches ‘momentous’ bankruptcy hearing

U.S. Bankruptcy Court

United States Bankruptcy Court in Riverside

By Ryan Hagen, San Bernardino Sun
Posted: 10/14/16 – 7:38 PM PDT |

RIVERSIDE >> The city of San Bernardino entered the final stage of its bankruptcy case Friday in U.S. Bankruptcy Court, with a confirmation hearing the city and its thousands of creditors have awaited for more than four years.

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InlandPolitics: It was a long time coming for Wells Fargo’s Stumph

General Views Of Wells Fargo Locations Ahead Of Earns Figures

Thursday, October 13, 2016 – 08:30 a.m.

Wells Fargo may be one of the most financially-stable financial institutions in the world. But its greed was a recipe for disaster.

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Calpensions: Ruling challenges prevailing view of pension law

Pensions

By Ed Mendel
October 10, 2016

Three appeals court justices, citing the alarming view of critics that unaffordable public pensions are headed for the financial cliff, looked for a new way to allow a change in direction and found one.

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Daily Bulletin: Ontario airport bonds clinch an A-minus rating

Ontario International Airport

Fitch Ratings reported its assessment of fixed-rate bonds for ONT, setting them at an A-minus rating with a “stable” outlook. (File Photo)

By Richard K. De Atley, The Press-Enterprise
Posted: 10/06/16 – 9:21 PM PDT |

ONTARIO >> Fitch Ratings reported Thursday its assessment of $52.2 million in fixed-rate bonds for Ontario International Airport Authority, setting them at an A-minus rating with a “stable” outlook.

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General Views Of Wells Fargo Locations Ahead Of Earns Figures

Jim Puzzanghera
September 30, 2016

The reputation of Wells Fargo & Co. took another blow Thursday when it agreed to pay $24 million for the improper repossession of cars owned by members of the U.S. military.

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Jerry Brown

Gov. Jerry Brown

Sophia Bollag and Samantha Masunaga
September 29, 2016

Nearly 7 million workers for California companies will be automatically enrolled in a new state-run retirement program under a bill signed Thursday by Gov. Jerry Brown.

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wells fargo logo

Federal regulators said Wells Fargo employees opened accounts in customers’ names without their consent.

James Rufus Koren and Jim Puzzanghera
September 27, 2016

Wells Fargo & Co. Chief Executive John Stumpf will forfeit compensation worth about $45 million as the bank tries to appease angry lawmakers and regain the trust of customers amid the still-unfolding scandal over fake accounts.

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Tax Reform

California voters on Nov. 8 will consider a ballot initiative that would tax cigarettes by an additional $2 per pack. They also will weigh a separate income tax increase on some of the state’s highest earners.

Capitol Alert
By Christopher Cadelago
ccadelago@sacbee.com
September 26, 2016 – 8:00 PM

California’s likely voters solidly support a fall initiative to extend higher income taxes on top earners, while a separate proposal to boost state taxes on tobacco is clinging to a majority vote, according to a new survey released Monday.

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wells-fargo-bank

Wells Fargo is already facing four potential class-action suits and could soon face more from customers, former employees and investors over the bank’s fake-accounts scandal. (Justin Sullivan/Getty Images)

James Rufus Koren
September 26, 2016

As beleaguered banking giant Wells Fargo & Co. deals with inquiries from federal prosecutors and scrutiny from lawmakers, it’s facing a growing number of civil lawsuits brought by customers and former employees.

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nomoney1

By Ali Tadayon, The Press-Enterprise
Posted: 09/25/16 – 6:31 PM PDT |

SAN BERNARDINO >> A bill that would ensure first responders to the Dec. 2 terrorist attack in San Bernardino get fully reimbursed for the cost of their response was vetoed Sunday by Gov. Jerry Brown.

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The Sacramento Bee: California voters will decide hundreds of tax and bond measures

Dan Walters

By Dan Walters
dwalters@sacbee.com
September 20, 2016 – 4:41 PM

We Californians cough up about $250 billion in state and local taxes each year, one of the nation’s highest tax burdens at 12-plus percent of our personal incomes.
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calpers

John Myers
Sept. 20, 2016 – 2:47 p.m.

The retiring forecaster for California’s largest public employee pension fund offered some final advice on Tuesday: State and local governments should be required to pay more into the system as soon as next year.

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The Sacramento Bee: Prop. 13 still a hot topic four decades after passage

Dan Walters

By Dan Walters
dwalters@sacbee.com
September 19, 2016 – 3:21 PM

Nearly four decades after its passage, California’s Proposition 13 is still a contentious political landmark.

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Wells Fargo

A Wells Fargo office in Oakland. The bank’s CEO says that aggressive sales tactics were not part of an “orchestrated effort.” (Ben Margot / Associated Press)

James F. Peltz
September 19, 2016

When the Senate Banking Committee grills Wells Fargo & Co.’s chairman Tuesday about the banking giant’s sales scandal, look for the word “clawback” to come up more than once.

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Los Angeles Times: California added 63,000 jobs in August, 42% of U.S. total

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Natalie Kitroeff
September 16, 2016

California employers quieted any lingering doubts about the state’s economy in August, as an uptick in hiring helped absorb hordes of new job-seekers.

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Daily Bulletin: Ontario airport bond outlook upgraded, here’s why

Fitch-Rating

By Richard De Atley
Posted: 09/12/16 – 4:35 PM PDT |

ONTARIO >> Fitch Ratings said Monday it has revised its outlook for Ontario International Airport bonds from negative to stable, based on better passenger traffic and a healthy financial profile for the Inland facility.

The A-letter grade remained unchanged from the previous report.

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wells-fargo-bank

Aggressive sales tactics by Wells Fargo & Co. employees led to a $185-million settlement package with federal and state regulators last week. Above, a branch in Miami. (Joe Raedle / Getty Images)

Jim Puzzanghera
September 12, 2016

The Senate Banking Committee will hold a hearing next week on the aggressive sales tactics by Wells Fargo & Co. employees that led to a $185-million settlement package with federal and state regulators.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
September 11, 2016 – 4:00 AM

The “unfunded liabilities” of state and local pension funds are California’s biggest unresolved political issue – at least in financial terms.

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Wells Fargo

James Rufus Koren
September 8, 2016

Calling it “outrageous” and “a major breach of trust,” local and federal regulators hammered Wells Fargo & Co. for a pervasive culture of aggressive sales goals that pushed thousands of workers to open as many as 2 million accounts that bank customers never wanted.

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Los Angeles Daily News: Home prices up for 51st straight month in LA, Inland Empire

Home for sale

Mortgage interest rates near all-time lows are a key factor in the housing market upward trajectory climb.

By Jeff Collins, jcollins@scng.com
Posted: 09/06/16 – 7:40 PM PDT |

House prices continued rising in July, increasing from year-ago levels for a 51st straight month in Los Angeles County and the Inland Empire and the 50th straight month in Orange County, the CoreLogic Home Price Index showed Tuesday.

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Hanjin

By Rachel Uranga, LA Daily News
Posted: 09/04/16, 8:22 PM PDT |

Several Southern California members of Congress urged the U.S. secretary of commerce to intervene in the worldwide supply chain havoc caused by the collapse of South Korean Hanjin Shipping Co., which has left local workers’ jobs in limbo and threatens to spoil the holiday season for retailers.

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Ashley Furniture

Ashley’s flagship store in downtown Shanghai. The company said it is closing its plants in San Bernardino so it can compete better globally. (Weng Lei / Imaginechina.)

Natalie Kitroeff
August 29, 2016

Southern California is losing another manufacturing stalwart.

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Daily Bulletin: Hundreds laid off at Ashley Furniture factory/warehouse in Colton

pink_slip

By Neil Nisperos, Inland Valley Daily Bulletin
Posted: 08/26/16 – 12:33 PM PDT |

COLTON >> About 840 employees at an Ashley Furniture HomeStore factory/warehouse in Colton were laid off Friday.

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Bloomberg: Economy in U.S. Grew at 1.1% Rate, Slower Than First Estimated

Bloomberg Business

Shobhana Chandra
August 26, 2016 — 5:30 AM PDT

The U.S. economy grew less than previously reported last quarter on lower government outlays and a bigger depletion of inventories, capping a sluggish first-half performance propped up mainly by consumer spending.

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The Press-Enterprise: Federal probe into Beaumont finances continues

Beaumont

At least one former city official will testify next week before SEC officials

By David Danelski / Staff Reporter
Published: Aug. 23, 2016
Updated: Aug. 24, 2016 – 6:17 a.m.

As the state criminal case against seven former Beaumont officials moves through Riverside County Superior Court, a more secretive federal probe of the city’s troubled finances also is advancing.

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Money

Patrick McGreevy
Aug. 22, 2016 – 4:43 p.m.

In the continuing fallout from the city of Bell’s financial scandal, Gov. Jerry Brown on Monday signed a bill requiring city councils and county boards of supervisors to publicly announce pay and benefit increases for government executives before they are approved by a vote.

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Calpensions: Court pension decision weakens ‘California rule’

Pensions

Ed Mendel
August 22, 2016

The one thing some pension reformers say is needed to cut the cost of unaffordable public pensions: give current workers a less costly retirement benefit for work done in the future, while protecting pension amounts already earned.

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Taxes

Seven Inland cities are asking voters to approve tax measures; four would raise sales taxes.

By Alicia Robinson / Staff Writer
Published: Aug. 19, 2016
Updated: Aug. 21, 2016 12:24 a.m.

Several Riverside County cities are hoping to cut through the election season noise and convince residents to support tax increases to pay for police, fire and other key services.

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Federal Reserve

The headquarters of the Federal Reserve in Washington, D.C., in 2015. (AP Photo/Andrew Harnik)

Jim Puzzanghera
August 17, 2016

Some Federal Reserve policymakers said at their most recent meeting that the economy appeared ready for another small increase in a key interest rate, according to an account released Wednesday.

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The Sun: How downtown Redlands will change over the next few years

Redlands

By Sandra Emerson, Redlands Daily Facts
Posted: 08/14/16 – 2:13 PM PDT |

REDLANDS >> A lot is happening in downtown Redlands.

Several long-anticipated development projects are getting underway, all of them set to bring in more business and activity to the city’s historic core.

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calpers

Ed Mendel
August 15, 2016

Two actuarial associations did not publish a controversial paper by their joint task force, reflecting a split in the profession over whether public pension debt should be measured with risk-free bonds or the earnings forecast for stock-laden investment funds.

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Logistics

California’s costly tax and regulatory policies have driven scores of businesses to leave the state, reduce their operations or curtail plans to locate here, according to a report from Spectrum Location Solutions. (Photo by John Valenzuela/The Sun)

By Kevin Smith, San Gabriel Valley Tribune
Posted: 08/09/16 – 1:54 PM PDT |

California’s costly tax and regulatory policies prompted more than 10,000 businesses to leave the state, reduce their operations or curtail plans to locate here between 2008 and 2015, according to a report from Spectrum Location Solutions.

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InlandPolitics: Newspaper needs to get real on local pension data

Seriously

Tuesday, August 9, 2016 – 12:00 p.m.

I just sent an email to Staff Writer Teri Sforza at The Orange County Register regarding her article on the “Top 25 Public Pensions” in California, published Tuesday.

Her story mysteriously omitted San Bernardino County pension data.

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Pensions

By Alicia Robinson, The Press-Enterprise
Posted: 08/08/16 – 7:54 PM PDT |

High-earning state and local government retirees are scattered around the state, with no one city or agency dominating the list of the biggest pension payouts in 2015, data from an open records advocacy group show.

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InlandPolitics: Sheriff’s deputies approve three-year agreement

SBCO

Wednesday, August 3, 2016 – 08:30 a.m.

San Bernardino County Sheriff’s Deputies and District Attorney Investigators have given their approval to a new three-year collective bargaining agreement.

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Riverside County Seal

District Attorney and county supervisors are at odds. And one supervisor had harsh words for his colleague

By Jeff Horseman / Staff Writer
Published: Aug. 2, 2016
Updated:   Aug. 3, 2016 – 6:27 a.m.

A lack of money is inflaming tensions among Riverside County’s elected leaders.

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red-ink

By Dan Walters
dwalters@sacbee.com
August 1, 2016 – 6:00 AM

  • California’s state and local public employee pension systems are caught in a vicious circle of rising outlays to retirees, very low pension fund earnings, higher unfunded liabilities and rising demands for more tax dollars.

Ron Seeling, the California Public Employees Retirement System’s chief actuary, believed he was speaking to a closed-door seminar in 2009 when he warned that public employee pension costs were becoming “unsustainable.”

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InlandPolitics: San Bernardino County pension fund posts investment loss

SBCO

Monday, August 1, 2016 – 11:00 a.m.

The pension fund for employees and retirees of San Bernardino County, California will post a negative return for it’s fiscal year just ended.

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Calpensions: CalPERS funding gap may grow under new trend

calpers

By Ed Mendel
Monday, August 1, 2016

Twice in recent decades CalPERS fell below 100 percent of the funding needed for promised pensions, and twice CalPERS climbed back. But since a $100 billion investment loss in 2008, the CalPERS funding level has not recovered.

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Reuters: Wholesale California gasoline prices plunge, consumers still pay up

Gas Prices

Reuters

Markets | Fri Jul 29, 2016 1:06am EDT
HOUSTON | By Liz Hampton and Jessica Resnick-Ault

Wholesale gasoline in California became the cheapest in the country this week, but that change has largely gone unseen at the pump, where consumers are still paying the highest prices in the continental United States to fill up their cars.

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Economy
Despite longevity, total growth during this economic expansion is lower than for much shorter business cycles

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Wall Street Journal

By Eric Morath
Jul 29, 2016 – 10:39 am ET

Even seven years after the recession ended, the current stretch of economic gains has yielded less growth than much shorter business cycles.

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Pay Raise

The State Worker
By Rachel Cohrs
rcohrs@sacbee.com
July 29, 2016 – 10:17 AM

The state has offered a nearly 12 percent general salary increase for SEIU Local 1000 employees spread out over four years, or a 9 percent increase over three years.

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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.

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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.

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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?

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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.

Read the rest of this entry »

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.

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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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

Read the rest of this entry »

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.

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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.

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The Sun: Public employees’ pay packages questioned

Money

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

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

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