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Old 01-09-2017, 06:15 PM
 
Location: Laguna Niguel, Orange County CA
9,807 posts, read 11,091,764 times
Reputation: 7996

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Millions are needed to just get by. LA is also wanting to defend illegals in immigration cases. Of course! Homeless? Yes, come on over guys! There is so much money to spare. With Trump in office, cities like Chicago and now, LA, shouldn't expect a bailout. So spend wisely boys and girls.

L.A. needs to borrow millions to cover legal payouts, city report says - LA Times
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Old 01-09-2017, 06:17 PM
 
6,089 posts, read 4,959,099 times
Reputation: 5985
LA and SF are in for some hard times (so is California as a whole).

Good. Very good. No better motivator for change than pain.
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Old 01-09-2017, 07:24 PM
 
Location: Los Angeles (Native)
25,303 posts, read 21,364,015 times
Reputation: 12318
Are the cops and others that get us into these lawsuits still working for the city?
If they did get fired from city of L.A I can't imagine any other employer wanting that liability .

Paying even one penny to hire attorneys for illegals shouldn't even be on the list.



Another big issue is pension costs . They are a huge amount of the budget .

More than 20% ! In 2002 it was less than 5 %!

Paying for public retirees has never cost L.A. taxpayers more. And that’s after pension reform - Los Angeles Times
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Old 01-10-2017, 08:48 AM
 
Location: Whittier
3,004 posts, read 6,254,304 times
Reputation: 3081
Quote:
Originally Posted by LuvSouthOC View Post
Millions are needed to just get by. LA is also wanting to defend illegals in immigration cases. Of course! Homeless? Yes, come on over guys! There is so much money to spare. With Trump in office, cities like Chicago and now, LA, shouldn't expect a bailout. So spend wisely boys and girls.

L.A. needs to borrow millions to cover legal payouts, city report says - LA Times
Less than 2.5% of the total budget.
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Old 01-10-2017, 10:24 AM
 
6,089 posts, read 4,959,099 times
Reputation: 5985
Quote:
Originally Posted by harhar View Post
Less than 2.5% of the total budget.
A company that would have to borrow 2.5% of its annual expenditures just to stay afloat would be considered a off limits to most investors. Why is LA given a pass just because it's a "city"?
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Old 01-10-2017, 12:36 PM
 
Location: Whittier
3,004 posts, read 6,254,304 times
Reputation: 3081
Quote:
Originally Posted by CaliRestoration View Post
A company that would have to borrow 2.5% of its annual expenditures just to stay afloat would be considered a off limits to most investors. Why is LA given a pass just because it's a "city"?
The 2.5% is the total $200 million that the city is paying for in lawsuits.

Of that $70 million needs to be borrowed. So that percentage is even less.

Also note that in the article: "borrow up to $70 million to avoid dipping into its emergency reserve fund."

There's an emergency fund for this, but the city would rather borrow.

Lastly cities and government's goals aren't the same as a business...and they shouldn't be.
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Old 01-10-2017, 03:02 PM
 
6,089 posts, read 4,959,099 times
Reputation: 5985
Quote:
Originally Posted by harhar View Post
The 2.5% is the total $200 million that the city is paying for in lawsuits.

Of that $70 million needs to be borrowed. So that percentage is even less.

Also note that in the article: "borrow up to $70 million to avoid dipping into its emergency reserve fund."

There's an emergency fund for this, but the city would rather borrow.
So they're doing it to avoid dipping into an emergency fund and instead take on more debt, so that makes it better?

Quote:
Lastly cities and government's goals aren't the same as a business...and they shouldn't be.
You mean cities and governments shouldn't try to balance their sheets and perpetually borrow? Why?
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Old 01-11-2017, 08:39 AM
 
Location: Whittier
3,004 posts, read 6,254,304 times
Reputation: 3081
Quote:
Originally Posted by CaliRestoration View Post
So they're doing it to avoid dipping into an emergency fund and instead take on more debt, so that makes it better?



You mean cities and governments shouldn't try to balance their sheets and perpetually borrow? Why?
Yes it makes it better than you all make it seem. LA HAS the money. The city would rather not use it now presumably because lending/borrowing is still cheap. Ironically borrowing is perhaps the more prudent course of action.

Governments should balance sheets and try to be fiscally responsible, but that doesn't mean they should act like a business because that's not what a city's business is. It isn't to make profit. It should be to spend as much as they can (reasonably) to provide for the populace. These two ideals are almost diametrically opposed.
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Old 01-11-2017, 10:15 AM
 
6,089 posts, read 4,959,099 times
Reputation: 5985
Quote:
Originally Posted by harhar View Post
It should be to spend as much as they can (reasonably) to provide for the populace. These two ideals are almost diametrically opposed.
City governments should seek to spend as much as "they can (reasonably)"?

How much debt is reasonable? Let's say as a percentage of annual GDP or any measure you find more appropriate to explain your train of thought.
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