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Cities Finances

CALIFORNIA | LOCAL
July 23, 1999 | DOUGLAS P. SHUIT and JULIE HA and ANNETTE KONDO, TIMES STAFF WRITERS
With the stock market booming, property values rising and cash registers ringing up healthy sales, the treasuries of many Southern California cities are bursting with cash--and a host of new problems, mostly of the happy variety. Just a few years away from steep budget cuts triggered by the recession of the early 1990s, many cities have almost an embarrassment of riches.
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CALIFORNIA | LOCAL
July 23, 2001 | JASON SONG, TIMES STAFF WRITER
Four of Orange County's smaller cities are considering how to balance their budgets following a state high court ruling that made certain taxes vulnerable to lawsuits. The California Supreme Court ruled last month that local government taxes that were not approved by voters are unconstitutional and open to challenge. As a result, municipalities must either stop collecting the taxes, get voter approval or wait for a lawsuit.
CALIFORNIA | LOCAL
May 10, 1998
The San Fernando Valley reaps more than $6 billion a year from film, TV and commercial production, according to a new study by the Motion Picture Assn. of America. In every part of the Valley, salaries are paid, items purchased and services bought, said the MPAA, which used the calendar year 1996 for its survey. Some areas enjoyed more benefits than others, of course, and it's no surprise that Burbank--home to Warner Bros.
NEWS
March 6, 1997 | KEN ELLINGWOOD and DOUGLAS P. SHUIT, TIMES STAFF WRITERS
It seemed a taxpayer's dream come true. Empowered by two newly implemented state laws, voters in cities around Los Angeles County trooped to the polls with the clout to slash the taxes that hit closest to home. But a funny thing happened on the way to the ballot box: Voters chose not to wield their tax-cutting ax. Instead, most of the tax measures facing voters in Tuesday's municipal elections won, many by landslide margins unusual even for issues without a pocketbook impact.
NEWS
January 8, 1997 | DAN MORAIN, TIMES STAFF WRITER
A coalition of business, building and local government groups called on Gov. Pete Wilson on Tuesday to help financially struggling cities and counties--setting up what could be a major tussle in this year's state budget battle. "We think it's one of the most critical issues facing the state," Assemblyman Michael Sweeney (D-Hayward) said, adding that "unfortunately [Wilson] has not shown a willingness" to assist local government.
NEWS
May 12, 1997 | DAVE LESHER, TIMES STAFF WRITER
Gov. Pete Wilson will propose $225 million more for California's financially ailing cities and counties this week as a way to share some benefits from a booming state economy. The funds are aimed at offsetting some of the revenue that the state took from local governments during the recession in 1993 and 1994. The money was welcomed Sunday by struggling local administrators--particularly in Los Angeles, where county officials expect to receive from a third to half of the windfall.
NEWS
August 1, 1995 | JODI WILGOREN, TIMES STAFF WRITER
Outraged over Orange County's bid to shift the burden of its bankruptcy onto them, a coalition of local government officials on Monday unveiled a plan of its own to end the county crisis through the purchase of the county's airport and landfills for $415 million and indefinite postponement of repaying county debts owed cities and special districts.
CALIFORNIA | LOCAL
August 9, 1995
Covina city officials are leading the charge for 28 Los Angeles County cities that want to change the way Sacramento distributes the sales tax so municipalities get more money. The state gets 5% of Los Angeles County's sales tax revenues, while cities get 1%. Under Covina's proposal, cities would get 2% and the state would get 4%. "This is consistent with a trend through the nation to shift responsibilities and monies from Washington to the state.
CALIFORNIA | LOCAL
June 6, 1995 | JODI WILGOREN and RENE LYNCH, TIMES STAFF WRITERS
In a move that could save taxpayers millions, Orange County gained court clearance Monday to pursue the most cost-effective route for a partial repayment of its debts to schools, cities and others that had money in its collapsed investment pool. With approval from Superior Court Presiding Judge James L. Smith and U.S. Bankruptcy Judge John E.
CALIFORNIA | LOCAL
June 9, 1995 | JODI WILGOREN, TIMES STAFF WRITER
A new survey of North American government investment managers conducted because of Orange County's financial crisis shows that most invest only in conservative securities, with nearly half shunning the derivative securities that helped sink the county's investment pool and 78% saying they do not leverage funds for investment purposes. Sponsored by the Government Finance Officers Assn. and MBIA Insurance Corp.
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