California’s state and local governments are struggling to find the cash needed to pay government employees the retirement benefits they promised. As the League of California Cities observed, pension costs for many of their members have been rising to “unsustainable levels”. Now, remarkably, the state Assembly is ready to make that problem far worse –...
An overview of the bond measure and what it means for California’s budget. Voters were sold a shiny promise — now California is billions deeper in debt. Last November, California voters approved Proposition 4, which authorized $10 billion in bonds for “safe drinking water, wildfire prevention, and protecting communities and natural lands from climate risks.”...
California brands itself as the global leader in technology and innovation. Yet when it comes to modernizing state and municipal government financial reporting, the Golden State is stuck in the digital stone age. Currently, California’s local governments submit their Annual Comprehensive Financial Reports (ACFRs) — audited financial statements, detailing financial positions and changes in a...
We don’t generally discuss national politics here at CPC World HQ – we’ve got our hands full dealing with Gov. Gavin Newsom and his confederacy of dunces in the state capitol. But let’s acknowledge some of President-elect Donald Trump’s great choices for key administration positions – including Scott Bessent at Treasury, Chris Wright at Energy,...
As Californians head to the polls, voters statewide will be deciding on whether to approve hundreds of millions of dollars in local tax hikes and new government bonds. The problem? Over two dozen cities, counties and school districts are asking for more money, but elected officials in those jurisdictions don’t even know what their financial...
The powers that be seek to make it virtually impossible for state residents to restrain taxation and spending. Every two years, in addition to electing their state and local officials, Californians participate in so-called citizen democracy, a process by which they approve or reject legislation in the form of ballot initiatives. This election season is...
Californians tend to be credit card debt-laden and don’t seem to mind adding more debt to their monthly financial commitments. That may be why they, as voters, do not flinch when Sacramento legislators put bond measures on the ballot. These propositions usually receive enough votes to succeed and permit the state to borrow more money....
The many California agencies that have placed new taxes on the November ballot owe it to their residents and businesses to wean their organizations from reliance on serial tax increases to remain afloat. It’s disconcerting that such a clearly unsustainable strategy has become the go-to solution for so many municipal leaders. The problem is that...
Last October, California’s State Auditor took down a dashboard that had been tracking the financial health of high-risk cities in California since 2019. Just another loss for transparency in the Golden State. Providing important public data and key financial metrics for over 470 California cities, the dashboard was an essential tool for holding local governments accountable for...
There are several reasons for someone to run for public office. My journey set its own course, thanks to the nature of my previous occupation. As a certified public accountant, I would be asked to serve on nonprofit boards and invariably become the organization’s treasurer. So when I was asked to run for county treasurer,...
In an unlikely victory against government excess in the ultra-liberal Bay Area, a regional housing authority has decided to remove a $20 billion housing bond from the November ballot. If successful, Regional Measure 4 (RM4) would have been the largest local government bond initiative in American history. Led by the Bay Area Housing Finance Authority...
Gavin Newsom promised Californians there’d be no new taxes to fix the state’s historic deficit. One new tax is already squeezing the state’s businesses. Confronting the nation’s largest-ever state budget deficit, California’s Democratic governor, Gavin Newsom, has been throwing overboard almost every government program not tied to a legal mandate. Despite progressive demands, he’s sounding for once...