Home > Blogs > Terry Kuehn > Terry Kuehn's (terrykuehn) Blog

California City Moves Closer to Bankruptcy Filing

By Terry Kuehn

Real Estate Agent with Family Real Estate Services, Inc.

February 27, 2008 02:26 PM

"Police and firefighting salaries, pension and overtime consumes $63.1 million, or about 74 percent of the city's $85 million general fund budget. The city has slashed $13 million in spending since December 2006, firing 47 workers."

My, god, what the heck's going on with this country? Police and firefighter salaries, pension and overtime consuming almost 75 PERCENT of a city's budget?

Holy crap!

Vallejo faces a $6 million shortfall and won't have money left to pay salaries as of March 31, according to the city manager's office. The deficit is expected to grow to $13 million during the coming fiscal year, beginning July 1, according to budget documents.

I wonder what those 47 families might be thinking about, now? One thing's for sure, I'll bet that they're happy to know that they have a lot of protection each time they have to visit the food banks and welfare offices.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajxCNoS2DEzE

Comments(3)

Comment

Show All Comments

Sort:

Bill Roberts

Brooks and Dunphy Real Estate - Oceanside, CA

"Baby Boomer" Retirement Planner

Terry, We have a retirement funding issue that threatens to bankrupt us (San Diego) as well. It seems that democracy doesn't work that well even on the local level. Special interest groups weild tremendous power. Getting elected costs money. They provide the money and the city council provides the largesse. Then we are "asked" to pay for it. Public employees can retire with more per month than they made in salary. What's up with that?

Mar 29, 2008 03:33 AM

Jim Fischetti

The Fischetti Group/Keller Williams - Wake Forest, NC

Terry,

Thanks for sharing. Good post. Good luck.

Jim

Mar 30, 2008 11:49 AM

Terry Kuehn

Family Real Estate Services, Inc. - Tacoma, WA

Self-Directed Roth IRA Associate

Thanks for the comments.

One thing's for sure: many of us fine Americans are sheep.

Consider the life and times of our military personnel as compared to the sacred cows of society, namely police and firefighters.

To make a long story short, I think it's deplorable that society has, and is, valuing police and firefighters as it does. Nothing craws me more than to see such disparity between these two groups and the salaries and benefits granted our active duty naval and military personnel.

Vallejo is now relishing in its pudding.

I could go on and on.......

Apr 01, 2008 03:23 AM

California City Moves Closer to Bankruptcy Filing

Comments(3)

Terry Kuehn

Real Estate Resources

Recent Posts