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...
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....
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,...
A quarter of a century ago, in conservative Orange County, two school bond measures were approved by voters, receiving more than two-thirds of the votes. This was something not seen in more than two decades. As the Orange County treasurer-tax collector at the time, many constituents were asking for my advice on such ballot measures,...
One of the fun components of reviewing annual comprehensive financial reports, which is a very time-consuming “hobby,” is when you see a trend that needs to be complimented. The ranking of Orange County’s 34 cities for the year ending June 30, 2023, was just released. When reviewing the rankings for the past seven years, there...
Of Orange County’s 34 cities in Southern California, the six with the strongest balance sheets maintained their positions in the annual fiscal rankings for the year ending June 30, 2023. However, the other 28 cities were a little more interesting. Overall, it was still a good year, with only one out of five seeing their...
As a Certified Public Accountant and Certified Financial Planner, one consistent piece of advice I would give to my clients was never to cosign on a loan. When doing so, you agree to be responsible for the debt should the original borrower miss a payment or stop paying altogether. It’s awkward. And I’ve seen sincere...
Newport-Mesa Unified School District (NMUSD) in Orange County, Calif., is considering issuing another voter-approved bond to pursue building improvements. The title of “Classroom Safety/Repair Measure” is being used in the initial phase of this exercise. And the Facilities Master Plan (FMP) is on the district’s website and invites visitors to take a prioritization survey. But...
The city of Compton wins the laggard award for Los Angeles County’s 88 cities in releasing its June 30, 2021, annual comprehensive financial report (ACFR). It was completed by its auditing firm on May 8 and presented to its city council on June 4 of this year. The customary completion date by the outside independent...
For the 12 months ending on June 30, 2022, the coronavirus lockdown by California Gov. Gavin Newsom was still in effect. His implementation of this lengthy and heavy-handed measure would be in place for another eight months. But, in March 2022, the Federal Reserve Board made the first of 11 interest rate hikes to slow...
The second fiscal year after the implementation of Gov. Gavin Newsom’s coronavirus lockdown for San Diego County’s 18 cities saw Del Mar bounce back up in fiscal rankings (see “City of San Diego Fell Behind $191 Million in First Year of Pandemic,” May 15, 2024). The fiscal year ending June 30, 2021, also saw the...
“With California’s very late publication last month, all 50 states have now produced audited financial reports for their 2022 fiscal year,” writes Cato’s Marc Joffe. The news for California is not good: despite the nation’s highest marginal income tax rate and punishing business taxes and fees, the Golden State ranks 43 in financial health. Joffe...