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 Barry Levinson on November 12, 2014 - 7:44 pm
By the numbers has it completely right. The council majority shows no inclination to reform pension or retiree health care costs to allow for the city to make a real dent in our decaying streets, sewers and water system. I say this because nothing of any significance has happened in the last 5 or 10 years to reverse the trend of huge unfunded liabilities. What are they waiting for ladies and gentlemen? They were waiting for the Downtown Core and Corridor Specific Plan (DCCSP) to fill the city’s coffers with more taxation revenues. If the people of Fullerton allow this (DCCSP) to pass, it will be the beginning of the end of Fullerton as we once knew it.
Instead they want 7 and 8 story skyscrapers to replace our mostly one and two story main streets to increase revenues so the spending binge on city employees and their cushy taxpayer funded pensions can continue uninterrupted.