It’s hard not to laugh.
I bet every last one of the city officials are democRATS.
Alright, without knowing the demographics of this city, what is the “socialist” population, the illegal alien population, etc.? With this information, the city’s expenditures/lack of revenue streams (i.e. people with jobs) should be rather clear....
The bankruptcy process will cost up to $2 million just in legal fees.
Vallejo bankruptcy attorneys had recommended the city approve any bankruptcy...
Those with the most to gain recommended bankruptcy. And the city listened.
Local news this morning said that 66% of the city budget goes to police and fire dept. salaries.
Bankruptcy
On 20 February 2008, KRON, KPIX, KNTV, and the San Francisco Chronicle reported that Vallejo is on the brink of becoming the first California city in history to declare bankruptcy. Vallejo city council member Stephanie Gomes, interviewed on camera, said the Vallejo police and fire department payroll consumes 80 percent of the city budget, meaning the city could be bankrupt as early as March or April. The city council is negotiating with the police and firefighters unions to avoid this outcome.[6]
Stephanie Gomes, Vallejo City Councilwoman largely blames exorbitant salaries and benefits for Vallejo firefighters and police officers. Reportedly, salaries and benefits for public safety workers account for 80 percent of Vallejo's general operating budget. 98 firefighters made more than $100,000 and 10 made more than $200,000 including overtime. [7]
Two contributing factors have also been cited: the aforementioned high salaries, and current and future pension outlays, payments of which are likely not sustainable if bankruptcy is to be avoided. [8].
On May 6, 2008, however, the City Council voted 7-0 to file for Chapter 9 bankruptcy, becoming the largest city to do so ever in California
According to my contacts in California, cities, counties and the State are facing a MAJOR financial crisis. Home buyers (notice I did not use that misleading appellation 'homeowners') are under tremendous pressure. Most people refinanced the homes several times. Some people say about 70% of property owners are mortgaged over their heads. Property taxes are set at 2005 or 2006 levels. Tax assessments are being appealed in record numbers.
Gas prices and diesel prices are insane. Food prices are rising rapidly. Road rage happens at virtually every intersection. When I traveled the whole state for a month a while back I was shocked by what I observed. The entire state has been taken over by Hispanics. Downtown La La Land looks a lot like Mexico City. The once famous 'garment district' is a cesspool whores wasted tar heroin and petty violent crime. Sad, but true. 'Nuff said here.
Check out my Freeper page
Break out the speed traps!
Santa Rosa is another liberal city that has awarded firemen 80-100 % retirement of their anual wage. Tom McClintock has been warning of this for years. His warning is that the baby boomers will be retiring from city and state jobs with these rediculous retirement packages and no money in the till to pay them.
That should put a cloud on real estate titles. Residents owning real estate within the city limits must be overjoyed.