August 14, 2012
Given the state’s budget problems it may be difficult to envision how a state tax credit bill might be enacted this year. Yet, AB 2037 has secured bi-partisan support and seems to still have a chance of moving this year because it proposes to reallocate some unused tax credits for another purpose.
August 10, 2012
The Los Angeles Times editorial “New cities? Not now”, which ran on Aug. 3, grossly misunderstood the context and state laws that dictate the dispersal of vehicle license fee (VLF) dollars to established and newly incorporated cities.
July 30, 2012
Join League staff for a discussion on AB 1050 (Ma), a bill that proposes to provide for a uniform collection of local and state taxes from consumers of prepaid communication services.
July 27, 2012
On July 23, Build America Mutual Assurance Company (BAM), announced its formation as the financial guaranty industry’s first mutual bond insurer dedicated to serving the U.S. municipal market.
July 27, 2012
CaliforniaCityFinance.com has posted new city-by-city and county-by-county revenue motor vehicle excise fuel tax, or Highway Users Tax Account (HUTA), estimates for FY 2011-12 and FY 2012-13.
July 23, 2012
During its meeting last week in Manhattan Beach, the League board of directors voted to refer five of the 11 initiatives that have qualified for the November statewide ballot to one or more policy committees for review during the League annual conference on Sept. 5 in San Diego.
July 23, 2012
On July 11, the League first reported that problems had arisen with the July 9 billings to successor agencies from county auditor-controllers that were based on “Exhibit 12” produced by the Department of Finance (DOF). City officials from throughout the state reported errors in the calculations made by DOF.
July 23, 2012
Fitch Ratings has completed its comprehensive portfolio review of 62 ratings on tax allocation bond securities (TABs) issued by 36 former California redevelopment agencies. On Jan. 24, Fitch placed the TABs on Rating Watch Negative following the implementation of AB 1x26, which dissolved redevelopment agencies statewide.
July 2, 2012
The Town of Mammoth Lakes issued this news release on July 2 announcing that the council had voted to authorize the filing of Chapter 9 Bankruptcy Protection.
June 29, 2012
The Board of Equalization (BOE) has launched a new electronic registration (eReg) system to make it easier and quicker for businesses to register online for permits and licenses and properly report sales and use taxes.
June 22, 2012
The California Statewide Communities Development Authority (CSCDA) works to facilitate investment in low-income communities through the use of New Markets Tax Credits (NMTC).
June 18, 2012
In real estate investment, the three most important factors are "location, location, location." Similarly, the most important aspect of local agency investment can be summarized as "diversification, diversification, diversification."
June 8, 2012
With the June 15 constitutional deadline to pass a budget, Democratic leadership are working behind the scenes in order to address outstanding items. Republicans are left out of the negotiations because Proposition 25, passed in November 2010, requires only a majority vote.
June 8, 2012
The latest issue of the National Civic Review explores the successes of four government entities in Southern California — two cities, a county and a school district — in adapting to a difficult and unpredictable fiscal environment. The articles are now available for free. The National Civic Review is publication of the National Civic League.
June 1, 2012
The story on AB 1692 (Wieckowski) on the Assembly Floor Thursday was disappointing, but not surprising.
May 25, 2012
This week the Senate and the Assembly Appropriations Committees met and took up items on their suspense files.
May 17, 2012
As the League and successor agencies await further clarification of how the approaching log jam over approval of local ROPS will be resolved by the Department of Finance (DOF) before the June 1 property tax distribution, DOF has distributed a proposed budget trailer bill that further erodes local control by successor agencies and oversight boards, requires payment of unencumbered cash and appears to reduce the June 1 payment to successor agencies for approved purposes to compensate for “underpayments” to local taxing agencies last December.
May 14, 2012
Gov. Jerry Brown released his revised FY 2012-13 Budget today, reflecting an increased deficit of $15.7 billion, up from his January projection of $9.2 billion. The budget shortfall is attributed to overly optimistic revenue forecasts, increased Proposition 98 spending and federal court rulings blocking several budget cuts.
May 14, 2012
As the June 1 deadline looms for the distribution of property tax to fund enforceable obligations, the Department of Finance (DOF) has urged successor agencies to submit or resubmit their Recognized Obligation Payment Schedule (ROPS) as quickly as possible.
May 11, 2012
On Thursday, AB 1692 (Wieckowski), a surprising attempt to unravel last year’s AB 506 (Wieckowski), was pulled from the Assembly Appropriations Committee and sent to the Assembly floor. It could be heard as early as Monday, May 14. City officials are strongly encouraged to send opposition letters immediately.