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Vallejo

Vallejo. Lorelei Penera December 8, 2011 PA 750. Government History. Population: 121,000 Originally a Naval Shipyard- Mare Island Closed in 1996- Effected Economically Seven City Managers in from 2004-2008 Major Government Funds Housing Authority and Mare Island Enterprise Funds:

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Vallejo

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  1. Vallejo Lorelei Penera December 8, 2011 PA 750

  2. Government History • Population: 121,000 • Originally a Naval Shipyard- Mare Island • Closed in 1996- Effected Economically • Seven City Managers in from 2004-2008 • Major Government Funds • Housing Authority and Mare Island • Enterprise Funds: • Water, Local Transportation, Sanitation/Flood Control, Marina, and Golf

  3. Bankruptcy • Filed May 6, 2008 • Solvent until June 30, 2008 (End of FY) • General Fund was depleting • Police, Fire, Development, Public Works, Administrative Services, and Community Organizations • State diverted their local revenues • Affected by housing crisis and economic downturn

  4. Major Creditors • Union Bank • National Public Finance Guarantee Corporation • Retirees

  5. General Fund Revenue

  6. Statement of Activities- Most Subsidized

  7. Liquidity Ratios

  8. Long Term Solvency

  9. Long Term Solvency

  10. Efficiency and Capacity

  11. Profitability-Enterprise Funds

  12. 5 Year Plan • November 1, out of bankruptcy • Union Bank – Repaid principal $46 million, interest will drop • National Public Finance Guarantee Corporation (differed payment) • Retirees (5-20cent/dollar) and will pay more health plans • New Fire and Police have lower pension plans and no more staffing levels

  13. Taxes November 8th Approved • Measure C- Tax on Marijuana businesses Rejected • Measure B-Collect 1 cent increase on sales tax • More Businesses are Coming • Toys R Us, Blu Homes • Leverage Napa Valley and surrounding communities

  14. Final Thoughts • Try Measure B again- only lost by 64 • Out of bankruptcy and need to continue funding to revitalizing city • Lure More Business for taxes • Increase civic organizations and community capacity because of increased crime

  15. References Bulwa, D. & Jones, C. (2008, March 10). A Closer Look at Vallejo’s woes. San Francisco Chronicle. Retrieved from http://articles.sfgate.com/2008-03-10/news/17166099_1_vallejo-city-manager-s-post-city-hall Church, S. (2011, July 29). City of Vallejo, California, Wins Court Approval of Reorganization Plan. Retrieved from http://www.bloomberg.com/news/2011-07-28/city-of-vallejo-california-wins-court-approval-of-reorganization-plan.html City of Vallejo website, http://www.ci.vallejo.ca.us KTVU, (2011, November 9). Vallejo Voters approve taking medical marijuana sales. Retrieved from http://www.ktvu.com/news/news/local-govt-politics/vallejo-voters-approve-taxing-medical-marijuana-sa/nFZGt/

  16. Questions, Comments?

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