This story says that Wells Fargo is demanding Stockton make its bond payments, even though the bank repossessed the three parking garages because Stockton suspended its payments. It comes in the form of a demand letter, or a claim to the city, to which Stockton has 45 days to respond. But long before that clock [...]
The city’s annual deficit is projected to grow to $40M within three years, unless the city is able to restructure its debt in confidential mediation, according to a city saff report. The deficit as of July 1 is expected to be $26M. The City Council tonight will consider giving City Manager Bob Deis authority to [...]
Bob Deis did not like the header to this story: Stockton City Council’s secret budgeting begins. He commented on it during Tuesday’s council meeting. We’re not secretly budgeting. It’s important that when you go through this budget document, there’s $521 million of proposed appropriations with all funds. Because we’re going through the 506 process, all [...]
While the bank’s attorney has steadfastly declined to comment on the case, a corporate flak sent this email today, saying that Wells Fargo doesn’t stand to lose any money. Rather, they are representing their clients’ interests. Here’s what Julie Campbell, assistant vp of corporate communications said: Wells Fargo is the trustee for certain bonds issued [...]
Stockton’s bad economy, largely the result of the foreclosure crisis, won it MarketWatch‘s ranking as the least business-friendly town. To nitpick, the article pegs Stockton among an analysis of US cities with a population of 500,000 or larger. However, Stockton has a population of 291,707, while San Joaquin County, with 685,306, is probably what they [...]
Stockton’s budget woes came up in a council meeting up in Kent, a community of 86,000 in King County, Washington. So says this story in the Kentreporter.com about the $600,000 deficit city leaders there are pulling out their hair to reconcile. The council shivered through a meeting one morning recetly for a study session. The [...]
In an effort to suss our who might run for Stockton City Council, Randy Hatch said to put him down as a definite maybe. The Stockton planning commissioner laid his cards out on the table. The conclusion, he said, is that he’s totally up in the air. But he admitted thinking it over. Thinking through [...]
Blogger Chriss W. Street of the website Big Government writes that Stockton could be the first California city to default on a redevelopment bond. In a post titled, The Municipal Bond Market is Implosing, Street says that the trend is that more muni bonds these days are being downgraded than upgraded. He uses Stockton and [...]
Here are some figures to put Stockton’s economy into perspective: * 3,124 single-family homes were build in Stockton in 2003 at the peak of the boom. * This year builders will be lucky to construct 150. Source: Delta BIA.
Here’s some numbers underpinning today’s story on more bad news about the city’s waning budget. This is right out of a city report on the new holes in the general plan and the solutions to patching them up. Notice the second-to-last line on the city’s reserves (or “contingency”) fund, which was $2M. Now, that’s $1M. [...]
