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.
October 29, 2012 |
This post has been corrected. See below for details. The idea of expansive government and greater spending to prop up a still flagging economy has gotten little support this election year. But two economists issued a warning Monday of a renewed recession if the government continues to restrict spending - particularly with the sharp tax increases and spending cuts scheduled for early next year. “American austerity is precisely the wrong policy at precisely the wrong time,” Dimitri B. Papadimitriou and Greg Hannsgen wrote in their paper comparing American economic strategies with those in Europe. “Austerity policies can only make a recession worse, as government layoffs and wage cuts undermine already-weak consumer demand, investment and tax revenues.” Papadimitriou is president of the Levy Economics Institute at Bard College in New York.
May 3, 2012 |
Are Americans taxed too much or too little? The answer depends on your frame of reference. The Tax Foundation released a report Thursday declaring that Americans will cumulatively pay more in federal, state and local taxes this year than they spend on food, clothing and shelter. That's not exactly new news. Total tax payments exceeded total spending on food, clothing and housing in all but one year from 1987 until the latest downturn. So if the foundation's projection for 2012 holds true, it merely will be the resumption of a trend after a three-year recession-fueled lapse.
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.