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James Avery View Drop Down
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Direct Link To This Post Topic: anybody from stockton california?
    Posted: Jun 27 2012 at 3:32pm
 
California city declares bankruptcy
 
http://www.cnn.com/2012/06/27/business/california-stockton-bankruptcy/index.html?hpt=hp_t1The California city of Stockton approved a special budget Tuesday night, paving the way for it to become the largest American city to declare bankruptcy.

"Unfortunately, we have no comprehensive set of agreements with our creditors to offer you ... that would eliminate the $26 million budget deficit and avoid insolvency," City Manager Bob Deis said at a council meeting.

Negotiations, however, continue with some creditors.

"I think we're very close in announcing some possible deals with some creditors in the future," he said. "In fact, it could be as many as a third of the creditors ... that's not enough to balance the budget."

From the archives: Rhode Island city files for bankruptcy

The city council approved the pendency plan on a 6-1 vote, meaning Stockton will file for protection under Chapter 9 federal bankruptcy laws before Sunday when the new fiscal year begins.

The plan is essentially a new budget for the city of about 291,000, spelling out day-to-day operations under bankruptcy.

The city, which is about 80 miles east of San Francisco and about 50 miles south of Sacrementom, says it will continue to pay employees, vendors and service providers, but curtail most other expenditures, such as debt service.

Numerous governments across the country have filed for bankruptcy since the financial crisis of 2008.

Last year, Jefferson County, Alabama, filed the biggest municipal bankruptcy in U.S history. In December, the county was $4.2 billion in debt.

The largest previous municipal bankruptcy case was filed in 1994 by Orange County, California, which owed approximately $1.7 billion to creditors.

From the archives: Plan released to keep Harrisburg, Pennsylvania, from bankruptcy filing

Stockton Mayor Ann Johnston said in the 1990s the city council approved labor contracts and retiree health insurance plans believing the hyper-growth the city was experiencing would continue forever. Then came the economic downturn of recent years, and debt-strapped California's raid on city finances, said Johnston.

Since 2009, Stockton has cut $90 million from its budget, she said. The city has reduced its police force by 25%, its fire department by 30% and other city jobs by 40% but has not been able to get itself financially stable. And then, said Johnston, there was the housing bust.

"The housing was the straw that broke the camel's back," said Johnston. "We had this bubble in our economy here. We were booming in construction. We were building about 3,000 homes a year. It began to fall off sharply three and a half years ago," she said. "This past year only 105 single-family construction permits were issued."

Richard Acosta is a 75-year-old retiree in Stockton and said everywhere he looks there are for-sale signs.

"You have two across from my house. There was like four on the other side, and there's about two or three more down on the next block," said Acosta. "I always thought the city of Stockton was really gonna go somewhere. But I don't really see any future in it for five to 10 years before something really is going to happen here," he said.

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James Avery View Drop Down
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Direct Link To This Post Posted: Jun 27 2012 at 3:34pm
man this is horrible. i was shocked to hear Stockton was a horrible place to live because of crime and never knew why. this sh*t is getting out of hand. smh @ any californian who voted for the Terminator, I know he is no longer governor but i feel he is to blame for the states budget problems.
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Direct Link To This Post Posted: Jun 27 2012 at 3:50pm
As a Californian, as much as I hated Arnold, he is not solely to blame for our budget problems. We have had these problems for about 50 years and they have been compounded by the overall recession.
 
California is a state of liberals and as such we have some lofty ideas about how people should be treated. The problem is, in order to provide higher minimum wage, healthcare, education, and other supports for children, low-income, the disabled, pregnant women, and undocumented immigrants you need to have a lot of money. And we don't.
 
On top of that we have a budget process that is RIDICULOUS. And our pension issues are deep and serious.
 
So it's no surprise that we have cities going bankrupt.
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Direct Link To This Post Posted: Jun 27 2012 at 3:59pm
Originally posted by maysay1 maysay1 wrote:

As a Californian, as much as I hated Arnold, he is not solely to blame for our budget problems. We have had these problems for about 50 years and they have been compounded by the overall recession.
 
California is a state of liberals and as such we have some lofty ideas about how people should be treated. The problem is, in order to provide higher minimum wage, healthcare, education, and other supports for children, low-income, the disabled, pregnant women, and undocumented immigrants you need to have a lot of money. And we don't.
 
On top of that we have a budget process that is RIDICULOUS. And our pension issues are deep and serious.
 
So it's no surprise that we have cities going bankrupt.
I just don't get it, 'Say. how is California, one of the biggest states, home of a billion dolla film industry and booming technology hub, so broke?
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Direct Link To This Post Posted: Jun 27 2012 at 4:20pm
^Ironic, right?

Yeah, California can be that hoodrat with the blinged out car but comes home to cracked walls and roach parties.
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Direct Link To This Post Posted: Jun 27 2012 at 4:22pm

I have an uncle in Fresno.

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Direct Link To This Post Posted: Jun 27 2012 at 6:22pm
yes.. i unfortunately have fam in Stockton.
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Direct Link To This Post Posted: Jun 27 2012 at 6:23pm
hahaha!

my ex bf lives there!

lots of violence there, someone shot a little girl because she was annoying not too long ago. i can see why nobody wants to live there. when i'd visit, i'd have to leave my purse in the car in case someone tried to purse snatch me. my ex bfs mom got her purse snatched.


Edited by indiecat - Jun 27 2012 at 6:29pm
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Direct Link To This Post Posted: Jun 28 2012 at 4:13am
Originally posted by indiecat indiecat wrote:

hahaha!

my ex bf lives there!

lots of violence there, someone shot a little girl because she was annoying not too long ago. i can see why nobody wants to live there. when i'd visit, i'd have to leave my purse in the car in case someone tried to purse snatch me. my ex bfs mom got her purse snatched.


CryCry dang girl i got a god daughter out there.. they need to clean this up
Cry
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Direct Link To This Post Posted: Jun 28 2012 at 5:10am
I live not too far from there....  The crime is terrible.
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