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...
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...
Last spring, when I wrote “The Rise of Zombie Cities,” I thought that, by now, some of my statements would have been proven prophetic. In the article, I discussed the results of the California State Auditor’s 2022 report on the “Fiscal Health of Cities.” I also noted several negative trends affecting city finances, such as...
The City of San Francisco is reeling from rampant crime and facing a commercial real estate crash. Arguably, City policies have created both problems – the former, a result of lax law enforcement, and the latter, a consequence of the first, coupled with unfriendly business policies. Meanwhile, the City is facing a $489 million budget...