Vallejo, CA to file for bankruptcy
Posted May 7th, 2008 by shovelhead
output
"With hundreds of concerned residents looking on, the Vallejo City Council voted unanimously late Tuesday to file for bankruptcy, making the city the first of its size to seek protection due to unaffordable labor contracts...
...Vallejo has been slammed by increasing costs of its public safety contracts, the housing crisis, lower property values and state raids on local coffers.
The city faces a $16 million deficit in the 2008-09"
Yours in Liberty,
Shovel
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Property Tax = Free Money for Cities
California property values have skyrocketed, and the police and fire departments, especially, took advantage of the windfall. And, they got away with it, in large part, because of the heroic actions of those on 9/11. Who wouldn't increase their pay when they race around town with American flags flying?
Thank goodness we had Prop 13 which kept taxes from going up so fast on homes of those who were not buying and selling, but just enjoying their property. If taxes had gone up with "values," people who had no intention of selling would have been losing their homes to the tax collector, and the amount of money the cities could budget would be that much more.
Prop 13 helps bring some stability to the state.
Now the big problem will be stopping any attempt to overturn it to bail out Vallejo and all the other cities who are even more foolish with the taxpayers' money than investors were with their own.
IMissLiberty
Maybe bankruptcy protection
Maybe bankruptcy protection will enable the city to renegotiate various unfavorable union and other contracts...
I wonder how much all the pandering
to illegal aliens has to do with this situation the city finds itself in.
Just like oil prices
realty valuations will just go up forever.....yea, right.
School department....ooops unions!
Municipal dept....ooops unions!
Bankruptcy department...the state will bail out acting as agent for the federal government.....see?
Debt is slavery...even if you're a town.
I own as business if we ain't making money we cut, fed ain't gonna print money and save my a$$. Save Bear Stearns a$$ not mine.
Save California's a$$ not mine.
God Bless Dr. Paul.
Their policer and fire contracts
are approximately 80% of the city's budget. That is unheard of. The Navy closed a base there years ago, and the city hasn't been the same since. Not sure if their BK is a sign of the times as it is reckless planning.
the buzz about this has been
the buzz about this has been swirling around for at least weeks now. If you ask me Vallejo sort of epitomizes the fiscal responsibility california has in general. This is definitely a spender's state, and boy does it freakin hurt if youre not making at least 6 figures. california might be the first state to impose the tax tax. well im being facetious but thats the kindof measures people actually vote in favor for around this part of the forest.