“Believe it or not,” I told NPR the other day, “this is now one of the more fiscally savvy cities in the state. We’ve all read the big boring book of bonds to avoid stepping on any more landmines.”
“That ‘we all’ is an exaggeration, of course. We who cover City Hall certainly have. I personally resolved to make fiscal items a centerpiece of this blog. The idea is never to let city finances slip off the public radar again.
Toward that end, here’s a recent financial story about a Stockton bond upgrade. This is a minor story (though we’ll take any good news we can get). And it is dry. However, the related letter City Manager Bob Deis wrote for The Bond Buyer is a good explainer of the difference between the city’s General Fund and the restricted funds.
It is, in other words, a page from the “big boring book of bonds.” But that’s precisely where Stockton’s calamity occurred.