CALIFORNIA | LOCAL
October 15, 1992 |
Less than two weeks after the Los Angeles Board of Education imposed drastic pay cuts to balance its budget, officials are facing another shortfall of $10.5 million for this year--a deficit that could lead to deeper spending reductions for the financially beleaguered district, sources said Wednesday. In a memo to board members Wednesday, district financial officers said state and county education officials identified the deficit during an ongoing review of the state budget adopted in September.
October 3, 1992 |
After a contentious debate over eleventh-hour spending cuts, the Los Angeles Board of Education ended months of fiscal turmoil Friday by adopting a final budget of $3.9 billion. But it could not avoid slicing $400 million in expenditures, including painful pay reductions of 9% this year for teachers and most employees. The board voted 6 to 1 to approve the spending plan, which must be submitted to the Los Angeles County Office of Education by Monday to meet a state deadline.
CALIFORNIA | LOCAL
September 16, 1992 |
After two days of marathon negotiations with union representatives, Los Angeles County officials said Tuesday they will withdraw two controversial proposals to balance the county budget with sharp pay cuts for most employees. Chief Administrative Officer Richard B. Dixon also recommended, in a written memorandum to the Board of Supervisors, that the county accede to a key union demand and suspend all pay raises to top administrators and non-union employees for two years.
May 17, 1992 |
More than 25% of the 1,580 executives of California's largest public companies saw their cash compensation slashed in 1991, according to the Los Angeles Times' annual executive compensation survey. The pay cuts--406 in all--are attributable to a powerful combination of declining corporate earnings, increasing shareholder activism and legislative furor over runaway executive pay. The reductions ranged from relatively modest decreases to more than half of some executives' previous year's salaries.
December 31, 1986 |
Flying Tiger Line said Tuesday that 2,600 of its non-union employees will take pay cuts of up to 15% to save money for the financially troubled Los Angeles air cargo carrier. The company, a unit of Tiger International, also said about 80 middle managers, 8% of the management work force, were laid off Tuesday as the company moved to eliminate a total of 124 positions.
December 29, 1986 |
It is going to be a prosperous holiday season for 9,300 employees of Western Airlines. Any day now, they'll be getting their shares of $75.8 million for the stock they own in the carrier, which is in the process of being bought for $860 million by Delta Air Lines. In effect, it's their reward for twice helping to bail Western out of deep financial trouble a few years ago and keeping it afloat. At the time, the company-employee cooperation was dubbed "the partnership that saved Western." The $12.