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

See today’s op ed by Dan Miller, Harrisburg’s controller.

Chapter 9, fiscal emergency, municipal bankruptcy

An article about upstate New York town of Kingston and their discussion of fiscal stress, union contracts and the debate over Chapter 9 bankruptcy.

Chapter 9, fiscal stress, municipal bankruptcy

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

We have two opposing camps in the muni-market at the moment: those who say it is the next systemic shoe to drop and the rating agencies that are systemically raising ratings.
Which is right?
We have moved from a market that has had heavy intermediation from the bond insurance companies to one where investors are on their [...]

ballot initiatives, bond insurance, community development district, direct democracy, liquidity, municipal bankruptcy, municipal bond default, ratings, state and local politics, states

I just came across this blog from John Moorlach, Orange County.  Scroll down for a “five year lookback” on the discussion about San Diego, thought you might find it of interest.

fiscal stress, municipal bankruptcy

Westfall Township, Pennsylvania filed a Chapter 9 bankruptcy petition in April, 2009 and the court confirmed a reorganization plan in March, 2010.  According to the law firm that handled the case:
Westfall Township, located in Pike County, PA, was saddled with a $20 million debt due to a prior government’s mistreatment of a developer.  Without the [...]

fiscal emergency, municipal bankruptcy, state and local politics

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