I REPORT YOU DECIDE-by Barry Levinson
California Policy Center working with Civic Partner, a firm that collects and analyzes municipal finance data, has ranked over 490 California cities and counties with respect to their bankruptcy risk.
That report contains the complete list. To compile the ranking, they collected and analyzed audited financial statements published by most cities and counties in California. Local governments typically produce audited financial statements if they issue municipal bonds or if they receive more than $500,000 in federal grants annually.
Cities and counties with default probability scores much higher than 0.1% have substantially elevated risk. Where does the City of Fullerton rank among the 492 cities and counties listed in this comprehensive study?
FULLERTON RANKS FIRST!
Winner winner chicken dinner.
It ranks first (i.e. highest probability of Default/Bankruptcy) among all cities in Orange County with a risk factor of .27%.
So the next time a city official tells you that Fullerton is in good financial shape, please remember this study.
http://californiapolicycenter.org/californias-most-financi…/
Pack it tight Mr Internal affairs and just maybe the south Fullerton soccer leagues can be soaked.
Barry Levinson
#1 by A closer look on November 12, 2014 - 11:03 am
The issue of pension liability is universal and facing cities throughout the state. Probably not fair to single out Fullerton as being worse off than any other city. In fact, most OC cities are probably in worse shape.
And the place to effect change is Sacramento, not Fullerton. Unless of course voters want to change Fullerton to a charter city and proceed to bust up the unions.
Many who whine at council meetings are totally barking up the wrong tree.
#2 by Anonymous on November 12, 2014 - 12:26 pm
The Sacramento connection was address on Tuesday. Sharon Quirk Silva is heading back to the classroom dealing a huge blow to the unions.
Ron Thomas had suggested the charter city idea some time ago that went nowhere. I too agree that the usual critics at the microphone are airing their concerns at the wrong venue, and quite possibly for mere political purposes.
ironically, Mr. Bushala with his cronies tried the union busting thing but his very own handpicked turncoat Seaborne stopped it right in its tracks with the OCSD information vote. That was the beginning of the end of Tony’s half a million dollar campaign and back to business as usual at city hall. The more things change, the more they remain the same.
#3 by are you an onlooker? on November 12, 2014 - 9:12 pm
Only those on the inner circle and those protecting them willingly deny that this is a house of cards. The pension obligations alone will cripple the city, setting aside the medical and dental plans. Now these onlookers who enable these miscreants; they are the real spectacle.
– See more at: https://thefullertoninformer.com/fullerton-california-is-ranked-the-most-likely-city-in-orange-county-to-risk-going-into-bankruptcy-according-to-a-new-study/#comment-113488