The Grand Jury of San Diego issued a report of this title yesterday.  Also, at yesterday’s GFOA (Government Finance Officers Association) business meeting, the group voted  that the Government Accounting Standards Board should stay away from the topic of sustainability.  The only conclusion one can draw from the Grand Jury report is: the city of [...]

California, Chapter 9, fiscal emergency, municipal bankruptcy, municipal bond default, state and local politics

See this post on Reuters for discussion about Antioch, latest city in California to talk bankruptcy.  There is a bill, sponsored by state senator Mendoza, AB155, that would require cities to go through the state (via the California Debt and Investment Advisory Commission, CDIAC).  The bill was referred last week by the Senate appropriations committee [...]

California, fiscal emergency, municipal bankruptcy, municipal bonds

Tight financial margins are not kind to political squabbles.  In the last few weeks the city of Los Angeles has been engaged in a squabble with the city council and its utility, the Los Angeles Department of Water and Power (LADWP).  The city’s mayor wants the utility to implement green power, the utility asked for [...]

California, fiscal emergency, municipal bankruptcy, state and local politics

Just thought I would post a really useful link for documents and explanations of the financial regulatory reform legislation as it moves through Congress.  As you know, the Senate Banking Committee approved the “manager’s amendment” and the discussion will likely go to the floor for debate, maybe after the Easter recess.  Like everything else in [...]

regulatory reform

I am adding a link to this article that updates Toledo’s fiscal situation.  (See prior post.)  The city is wrestling with a budget gap and trying to negotiate with unions over compensation.  Ohio is a state that has a fiscal emergency program and municipalities may not file for bankruptcy without going through the state.  The state’s [...]

fiscal emergency, fiscal stress, municipal bankruptcy, Ohio, Toledo

Here is an interesting clip from MLive about the debate over Flint’s dire finances.   Michigan has a receivership program that has been used a number of times so municipalities cannot just file bankruptcy in federal court without going through the state.  The article poses the sensible, if painful and difficult, questions of concessions on salaries and benefits [...]

Chapter 9, fiscal stress, municipal bankruptcy

Looks like the city is making its best effort to try to resolve budget imbalance.  Ohio is one of the states that has a strong oversight/receivership program and municipalities may not file bankruptcy without approval of the state.  Local governments there do rely on income taxes, which is tough in the current economy, especially in [...]

Chapter 9, fiscal stress, municipal bankruptcy, municipal bond default

Here’s a good, local clip about the Harrisburg bond/incinerator problem:

fiscal emergency

See attached item from Reuters: http://www.reuters.com/article/idUSTRE61D27C20100214
Click on article title to get the link (sorry for the clunkiness)  Hat tip to Mayraj Fahim.

fiscal emergency

A blogsite, “Mish’s Global Economic Trend Analysis” recently aggregated a selection of news stories covering state and local government budget deficits and proposed layoffs.  Click here  to link to the post.  There are a few differences between private sector layoff announcements and the public sector that are worth pointing out.   The private sector typically announces layoff actions that are already decided.  [...]

fiscal stress, Nevada, state and local politics