CALIFORNIA | LOCAL
May 24, 2008 |
The city filed for bankruptcy protection Friday after administrators were unable to sufficiently trim a nearly $17-million shortfall. The Bay Area city, with a population of about 120,000, had been bracing for the possibility since February as tax revenues fell and employee costs remained high. Eighty percent of the city's budget goes to police and firefighters, far above the norm for most California cities. "I had hoped that even at the 11th hour and 59th minute we could come up with an alternative," Vallejo Mayor Osby Davis said.
June 13, 1985
The City Council will consider approval of a $15.2-million budget for fiscal 1985-86 on June 27. As proposed, the budget represents a 9% increase from the current $13.8-million budget and allows for a $500,000 increase in reserves, now at $2.5 million. During the past year, sales tax revenues increased by 16%, to $10.5 million, adding $1.5 million to reserves. Included in the budget increase is a 4.
August 8, 2011 |
Republicans immediately pounced on President Obama's speech Monday as insufficient after the nation's credit rating was downgraded for the first time in history last week. In his remarks, the president declared that America remains a "triple-A country" and that the downgrade by Standard & Poor's would hopefully “give us a renewed sense of urgency" to tackle the nation's fiscal troubles. But with the Dow Jones industrial average plunging more than 500 points after Obama's address, the head of the Republican National Committee said the markets had already spoken.
October 3, 1985 |
Eight developers paraded their dreams in front of the City Council this week, each with the hope of becoming surgeon for the face lift of a blighted area. City officials are perusing the proposals for redevelopment of a 20-acre site along the San Diego Freeway at Rosecrans Boulevard that they hope will bring the city added revenue and become a landmark in the South Bay. The council on Monday voted 4 to 0 to hire a consulting firm to evaluate the proposals.
October 13, 1995 |
Beginning in January, state law will allocate tax revenues generated by automobile leases to the municipalities where each deal is cut. Gov. Pete Wilson this week signed a bill changing existing rules so that the tax revenue from a leased automobile no longer will be divided by municipalities throughout the county where the person leasing a car lives.
CALIFORNIA | LOCAL
April 9, 1992 |
More than $1 million in property tax revenues is expected to be withheld from the Orange County Sanitation Districts during the next three years because of overpayments to them by the Santa Ana Redevelopment Agency, officials said Tuesday. The Redevelopment Commission voted Tuesday to recover tax revenues it lost because of miscalculations during the past four years. The commission's recommendation will go to the City Council, in its capacity as the Redevelopment Agency, for a vote in two weeks.
July 25, 2011 |
As Republicans and Democrats continue trying to hammer out the details of rival plans to avert a debt crisis, President Obama on Monday called for a proposal that will raise more revenue from the wealthy - a provision that has vexed his talks with the House speaker. Yet in a speech Monday afternoon to the nation's largest Latino interest group, Obama made the case that attacking federal debt and deficit simply by cutting government spending won't spread the burden fairly. Some of the cuts under discussion would require seniors to pay more for their healthcare and diminish temporary assistance and job training for displaced workers.
CALIFORNIA | LOCAL
February 22, 1993 |
It is brutally apparent that the public school system is a financial disaster. Apparent too is the primary reason. The victors, the parents, have achieved a multilayered rip-off at the expense of the primary objective, education. The spoiled, the students, receive a smorgasbord of non-educational services--transportation, food service and school athletics (not to be confused with physical education). It is absurd to expect that schools should furnish irrelevant non-educational frills.