The Stockton Record
on Feb. 25 published a thoughtful piece by columnist Michael Fitzgerald outlining how city leaders handled the process and the opportunities that are now possible.
Fitzgerald emphasizes lessons that public officials, municipal employees, city residents and policy makers can take away from Stockton’s Chapter 9 Federal bankruptcy process. The most significant, according to Fitzgerald, is to keep politics from policy making. “If I could boil the lessons of Stockton’s crash down to one point, it would be this: Don’t allow city fiscal policy to be politicized.” He stresses that strong fiscal policy cannot be crafted under the pressure of special interests.
From these lessons, Stockton can look to the future, and begin to reimagine its downtown and create new economic development. “… the city is now running on a smart fiscal model, the economy is recovering, and, for that matter, it’s spring. Stocktonians are looking at a new beginning.”
For more, please read, “Goodbye, bankruptcy; hello, possibilities.”