City of Vallejo files for bankruptcy

[Coronita]

http://biz.yahoo.com/ap/080523/vallejo_budget_crisis.html

 

Shouldn't be of surprise.

Calif. city of Vallejo seeks bankruptcy protection to deal with ballooning budget deficit.

 

SAN FRANCISCO (AP) — The city of Vallejo filed for bankruptcy protection Friday to deal with a ballooning budget deficit caused by soaring employee costs and declining tax revenue. The San Francisco Bay area suburb of about 120,000 residents became the largest California city to declare bankruptcy.   Mayor Osby Davis said the city's attorneys filed papers seeking Chapter 9 bankruptcy protection in federal court in Sacramento. "We've exhausted all avenues at this point, and this is all we had left," Davis said. "I had hoped to avoid it all the way up until yesterday. It's something we can't avoid … We can't pay our bills." The City Council voted to authorize the city manager to file for bankruptcy protection on May 6 after months of failed negotiations with its public safety unions. Some officials blame Vallejo's chronic financial problems on labor contracts that they say provide overly generous pay and benefits to the city's police officers and firefighters. Those city workers comprise about three-quarters of Vallejo's general fund. The unions say compensation for Vallejo's public safety employees is in line with that of other Bay Area cities.

[meadandale]

Expect to see this more and more.

I’d surmise that within the next 2 decades, the vast majority of the general fund at the city and state level will be paying for healthcare and retirement benefits for employees. The federal government isn’t far behind since they’ve spent every penny of the SS “trust fund” and there is nothing but a box full of IOU’s that will have to be paid with increased taxes in the future.

It really irks me when so many public employees argue that they are ‘entitled’ to their retirement benefits because they earned less in the public sector. That’s rarely true anymore.

[meadandale]

Expect to see this more and more.

I’d surmise that within the next 2 decades, the vast majority of the general fund at the city and state level will be paying for healthcare and retirement benefits for employees. The federal government isn’t far behind since they’ve spent every penny of the SS “trust fund” and there is nothing but a box full of IOU’s that will have to be paid with increased taxes in the future.

It really irks me when so many public employees argue that they are ‘entitled’ to their retirement benefits because they earned less in the public sector. That’s rarely true anymore.

[meadandale]

Expect to see this more and more.

I’d surmise that within the next 2 decades, the vast majority of the general fund at the city and state level will be paying for healthcare and retirement benefits for employees. The federal government isn’t far behind since they’ve spent every penny of the SS “trust fund” and there is nothing but a box full of IOU’s that will have to be paid with increased taxes in the future.

It really irks me when so many public employees argue that they are ‘entitled’ to their retirement benefits because they earned less in the public sector. That’s rarely true anymore.

[meadandale]

Expect to see this more and more.

I’d surmise that within the next 2 decades, the vast majority of the general fund at the city and state level will be paying for healthcare and retirement benefits for employees. The federal government isn’t far behind since they’ve spent every penny of the SS “trust fund” and there is nothing but a box full of IOU’s that will have to be paid with increased taxes in the future.

It really irks me when so many public employees argue that they are ‘entitled’ to their retirement benefits because they earned less in the public sector. That’s rarely true anymore.

[meadandale]

Expect to see this more and more.

I’d surmise that within the next 2 decades, the vast majority of the general fund at the city and state level will be paying for healthcare and retirement benefits for employees. The federal government isn’t far behind since they’ve spent every penny of the SS “trust fund” and there is nothing but a box full of IOU’s that will have to be paid with increased taxes in the future.

It really irks me when so many public employees argue that they are ‘entitled’ to their retirement benefits because they earned less in the public sector. That’s rarely true anymore.

[kewp]

Vallejo was pretty insane. Lots of police and fireman making in the range of 200-300k per year.

Its dangerous work for sure, but the same jobs in Detroit and NYC pay much less.

[kewp]

Vallejo was pretty insane. Lots of police and fireman making in the range of 200-300k per year.

Its dangerous work for sure, but the same jobs in Detroit and NYC pay much less.

[kewp]

Vallejo was pretty insane. Lots of police and fireman making in the range of 200-300k per year.

Its dangerous work for sure, but the same jobs in Detroit and NYC pay much less.

[kewp]

Vallejo was pretty insane. Lots of police and fireman making in the range of 200-300k per year.

Its dangerous work for sure, but the same jobs in Detroit and NYC pay much less.

[kewp]

Vallejo was pretty insane. Lots of police and fireman making in the range of 200-300k per year.

Its dangerous work for sure, but the same jobs in Detroit and NYC pay much less.

[michael]

I personally don’t see why police and fire people get paid what they do. Dangerous work? Sure. So is working at 7-11. The way I see it, everyone makes decisions. Cops and firemen make a decision to be public servants. If they wanted to make money, they could have chosen a different career. Lets admit it, they ain’t the sharpest tools in the shed (as a group).

A cop or fireman dies, big funeral, family taken care of to some extent by tax payers. Military service man or woman dies, not much attention, family left to themselves.

I have friends that are firemen and cops. Some even admit that they are overpaid. Perhaps the Vallejo example will help shed light on the “abuses” of unions and incompetent public officials.

[michael]

I personally don’t see why police and fire people get paid what they do. Dangerous work? Sure. So is working at 7-11. The way I see it, everyone makes decisions. Cops and firemen make a decision to be public servants. If they wanted to make money, they could have chosen a different career. Lets admit it, they ain’t the sharpest tools in the shed (as a group).

A cop or fireman dies, big funeral, family taken care of to some extent by tax payers. Military service man or woman dies, not much attention, family left to themselves.

I have friends that are firemen and cops. Some even admit that they are overpaid. Perhaps the Vallejo example will help shed light on the “abuses” of unions and incompetent public officials.

[michael]

I personally don’t see why police and fire people get paid what they do. Dangerous work? Sure. So is working at 7-11. The way I see it, everyone makes decisions. Cops and firemen make a decision to be public servants. If they wanted to make money, they could have chosen a different career. Lets admit it, they ain’t the sharpest tools in the shed (as a group).

A cop or fireman dies, big funeral, family taken care of to some extent by tax payers. Military service man or woman dies, not much attention, family left to themselves.

I have friends that are firemen and cops. Some even admit that they are overpaid. Perhaps the Vallejo example will help shed light on the “abuses” of unions and incompetent public officials.

[michael]

I personally don’t see why police and fire people get paid what they do. Dangerous work? Sure. So is working at 7-11. The way I see it, everyone makes decisions. Cops and firemen make a decision to be public servants. If they wanted to make money, they could have chosen a different career. Lets admit it, they ain’t the sharpest tools in the shed (as a group).

A cop or fireman dies, big funeral, family taken care of to some extent by tax payers. Military service man or woman dies, not much attention, family left to themselves.

I have friends that are firemen and cops. Some even admit that they are overpaid. Perhaps the Vallejo example will help shed light on the “abuses” of unions and incompetent public officials.

[Author]

Posts