The fate of San Jose’s pension reforms remains unclear after a recent court decision. SAN JOSE — In a landmark ruling that could help shape city budgets around the state, a judge invalidated key parts of San Jose’s voter-approved pension cuts but upheld other elements that could still save huge taxpayer costs. Santa Clara County…
Tag: california
Police Salaries and Pensions Push California City to Brink – NYTimes.com
A California city that filed for bankruptcy in 2001 after a developer secured a $10 million judgment against it, Desert Hot Springs was featured in the NYT for its fiscal troubles. The city, Desert Hot Springs, population 27,000, is slowly edging toward bankruptcy, largely because of police salaries and skyrocketing pension costs, but also because…
More in Oakland relying on private security – SFGate
As burglaries, home invasions, carjackings and assaults creep into Oakland neighborhoods less accustomed to crime, residents have built fences, armed alarms and installed security cameras. Oakland has been dealing with a resurgence of crime, particularly in the rapidly-gentrifying areas of the city, including Temescal. Some neighborhoods have also hired private security firms (some of which…
Bill Seeks to Tie Municipal Borrowing to Public Pension Disclosure – NYTimes.com
There are many policies floating around to reform the muck that is municipal finance these days. A group of U.S. representatives from California are pushing a bill in Congress that would require states and cities to disclose the “true cost” of their pension plans, and whether they can pay those costs. California, of course, is…
Court to Decide on Pensions in Stockton, Calif., Bankruptcy – NYTimes.com
Wall Street is taking America’s biggest pension fund to court this week, for a long-awaited battle over who takes the losses when a city goes bust — workers and retirees, municipal bondholders, or both. California is being closely watched as battles in San Bernardino and Stockton look to reshape how pensions are treated…