Sunday, July 29, 2012
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Tuesday, July 24, 2012
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Wednesday, July 18, 2012
“Stockton Syndrome” Discussed in Absolute Wealth’s “The Gorrie Details”
Austin, TX (PRWEB) July 16, 2012
Absolute Wealth’s most recent daily editorial column from Managing Editor James R. Gorrie has a fresh and interesting perspective on the dire financial situations of several California cities. “The Gorrie Details” investigates the recent announcement of San Bernardino declaring bankruptcy, and analyzes the causes that led up to the news.
The repetitive poor decisions made by city governments are explained by Gorrie, who says “When it comes to financial resources, there is the constant tension between economics and politics. Too often, political gain wins out over economic prudence.”
Using a real-life analogy from vacationing with his family, Gorrie takes a seemingly innocent dinner and turns it into a periscope through which the economic situation can be viewed. The outcome mirrors the exact conundrum facing California.
Politics trumping economics: a common thread in the unfortunate financial environment, and an all-too-common theme in Absolute Wealth articles.
Gorrie’s thought-provoking articles on economic issues help to inform people of their financial options, or lack thereof, as a result of the big, impactful happenings in the private and public sectors.
James R. Gorrie has more than eighteen years of financial advisory experience. He holds a BA in economics, and attained doctoral candidacy in international relations and comparative politics, with an area specialty in international political economy. Gorrie writes daily articles on current macroeconomic and investment topics, Special Reports, and analyses on geopolitical events around the world that affect the market.
Absolute Wealth is an expert team of real investors and advisors devoted to identifying winning strategies for exceptional returns. Members subscribe to the company’s Independent Wealth Alliance for professional investment analysis and recommendations on the latest market trends and progressions.
Engagement and commenting is encouraged on all of Absolute Wealth’s social media outlets, including YouTube, Twitter, and Facebook. For more information and subscription instructions, visit AbsoluteWealth.com.
For the original version on PRWeb visit: http://www.prweb.com/releases/prwebAbsolute_Wealth/the_gorrie_details/prweb9698995.htm
This Is Port City: We Don't Appreciate The Negative Remarks Alvin
This Is Port City: We Don't Appreciate The Negative Remarks Alvin: Lots of talk, few specifics on pension reform By Matt Augustine JACKSONVILLE, Fla. — While members of city council will likely have th...
More Stockton News
Monday, July 16, 2012
Property Values Decline slows
(Source: By Zachary K. Johnson, The Record, Stockton, Calif. (MCT) – STOCKTON – For the fifth year in a row the assessed value of properties in San Joaquin County fell, but the drop of less than one percent is a dramatic difference from the free fall that followed the depth of the housing bust.
For more than 115,000 homeowners, it means the market value of their property fell again last year, but it comes with the silver lining of a smaller property tax bill to come.
And for the local governments that have seen declining property taxes contributing to year after year of shortfalls and cuts, the slowed decline shows shrinking tax revenues are leveling out, offering some hope that better days are on the horizon.
“It seems like things are improving,” Assessor-Recorder-County Clerk Ken Blakemore said. But he cautions that the assessed value is marked on Jan. 1 of this year, and not a predictor to where the housing market is headed.
From 2000 to 2007, the assessed value of property in San Joaquin County more than doubled when it peaked at $62.6 billion in 2007.
Since then, the value declined by 19 percent, to $50.9 billion in 2012, according to the latest roll released by the Assessor’s Office this week. It was a drop of 0.3 percent over 2011.
The assessed value isn’t necessarily the market value of a home. It is used to determine how much property tax is owed.
The assessed value of a property can grow at a maximum of only 2 percent, no matter how fast the housing market is rising. If the market value falls below the assessed value, then the lower value becomes the assessed value.
Starting today, the Assessor’s Office begins sending out notices to 115,000 property owners that their properties have been assessed at a lower value.
About 60,000 owners will not receive notice because their assessed value will increase by 2 percent, according to the Assessor’s Office.
For the most part, a decline in assessed value means a decline in revenue for local governments, and any decline in revenue could be a burden on budgets, said Jessica Trounstine, associate professor of political science at University of California, Merced. “Local governments are working from paycheck to paycheck.”
The decline in property taxes is one of the precipitating factors leading up to Stockton’s bankruptcy filing and financial problems for other cities in the state, said Bob Benedetti, director of the Jacoby Center at University of the Pacific.
In court documents filed with federal bankruptcy court, Stockton makes its case for insolvency, in part, by noting the decline in property tax revenue following the sub-prime mortgage crisis and the rash of foreclosures that followed.
Stockton has a budget in place for the city to operate during bankruptcy proceedings.
The city could not say whether the assessed values were better or worse than anticipated or how the news from the Assessor’s Office would affect the city’s spending plan, without further analysis, city spokeswoman Connie Cochran said.
Property in Stockton was valued at $16.2 billion, a 1.6 percent drop from last year. The value of property in Ripon and Manteca rose by less than a tenth of one percent.
The Assessor’s Office figures have been submitted to the San Joaquin County Auditor-Controller’s Office.
The final tax roll for public agencies at the county start at 1 percent of that assessed value and goes up from there, including adding in special assessments that vary from area to area, Auditor-Controller Adrian Van Houten said. Later in the year, his office will let local governments know what their share of the tax roll will be, he said.
San Joaquin County government can expect to take in about 18 percent, said Assistant County Administrator Rosa Lee. Property tax makes up about 80 percent of the county’s local discretionary dollars, and the figures released from the Assessor’s Office indicate better revenue than anticipated in this year’s budget.
“I think that it’s good news; it looks like hopefully we’re turning the corner,” Lee said. In the best-case scenario, last week’s news could mean $1.5 million more for the county’s General Fund.
There are many pending appeals from property owners asking for a lower assessed value, Lee said.
Contact reporter Zachary K. Johnson at (209) 546-8258 or zjohnson@recordnet.com. Visit his blog at recordnet.com/johnsonblog.
———
©2012 The Record (Stockton, Calif.)
Visit The Record (Stockton, Calif.) at www.recordnet.com
More CA Cities are Going Belly Up
By The Record
July 15, 2012 12:00 AM
And then there were three. First Stockton. Then Mammoth Lakes. Now San Bernardino. Three California cities. All unable to pay their bills. All in bankruptcy court or about to be there.
Not since 2008, when Vallejo filed, has a California city filed for bankruptcy protection. Now in the span of 15 days three have.
Like Stockton, San Bernardino's woes stem from too much exuberance during the boom years when the state's Inland Empire was on a roll and San Joaquin County became what amounts to a bedroom community for the Bay Area. Big projects. Big pensions. Big pay. (Mammoth Lakes' financial problems stem from a multimillion dollar court judgment the city says it can't pay.)
When the boom ended - as they always do - there were big problems. The river of revenue became a stream, then a creek and now a trickle.
"We have an immediate cash flow issue," San Bernardino Interim City Manager Andrea Miller told Mayor Patrick Morris and the seven-member City Council last week.
At 210,000 residents, San Bernardino is smaller than Stockton, but it faces a bigger deficit. It has a budget shortfall of $45.8 million compared with Stockton's $26 million deficit. San Bernardino has stopped paying some vendors. Stockton stopped making bond payments. San Bernardino officials said they may not be able to make payroll over the next three months. Stockton adopted a "pendency plan," a kind of day-to-day budget so it could pay its bills as bankruptcy plays out.
Likely these California cities will not be the last to take the drastic step of bankruptcy. Cities and counties throughout the nation are facing financial stress. In Scranton, Penn., the mayor has defied a court order and slashed all city workers' pay to the federal minimum wage of $7.25 per hour. He faces a contempt of court charge but said he has no choice. Scranton is out of money.
Since Congress added Chapter 9 to the bankruptcy code in 1937 to allow municipalities to seek protection, about 640 government entities have filed.
We probably will see more the next few months. What's different this time is the size of the cities in trouble. Stockton is the largest city in U.S. history to ever file. San Bernardino is the second largest.
Bankruptcy is an ugly, unpredictable and ultimately expensive choice. But as Stockton determined and San Bernardino decided, it was the only choice left.
Sunday, July 15, 2012
Oh Zee's Words of Wisdom: Outside-the-Box Thinking: Ron Paul as Romney's VP
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Friday, July 13, 2012
Monday, July 9, 2012
Oh Zee's Words of Wisdom: What Is the Children Learning? CA Pushes Gay Histo...
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Tuesday, July 3, 2012
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Sunday, July 1, 2012
Oh Zee's Words of Wisdom: Ron Paul to Hold Major Rally in Tampa Ahead of RNC...
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Oh Zee's Words of Wisdom: Analysis: Stockton, California new paradigm for st...
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Stockton Internet & Innovation Conference - 4th Annual
4th Annual Stockton Internet & Innovation Conference. It's a full day on inspiring talks from industry leaders. Lean the keys to why some organizations succeed and others don't. Some of the topics:
- Innovating ideas that change our lives and how local organizations can excell as well.
- Network security at the office and home.
- To Cloud or not and other questions you were fearful of asking
- Valley Economic Outlook with updated information and opportunity for growth for local businesses.
- Generating revenue with eBay
- Social Email marketing
- Improving your businesses online exposure
Advanced registration required. Last year's event was a sold out.
For registration or more information visit www.StocktonInternetConference.com or call (209) 957-8629.
Location: University Plaza Waterfront Hotel
110 West Fremont Street Map
Date: 7/26/2012 to 7/26/2012
Hours: 8:00am to 5pm
Prices: See below
Ticket Info: For more information
call 209-957-8629.
This Is Port City: Banner Island Ballpark to host 2013 WCC Baseball C...
This Is Port City: Banner Island Ballpark to host 2013 WCC Baseball C...: STOCKTON, Calif.- The Stockton Ports, in cooperation with the Stockton Convention & Visitors Bureau, are excited to announce that Banner Is...
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