Finance

This category contains 10 posts

Educational workshops to address consumer credit and loan problems


Stockton— “Educational Workshops about credit and debt in our community will benefit our residents,” said Rosalinda Galaviz, Community Advocate in South Stockton.

“I have seen cases of individuals who cannot find an apartment or a house to live because their credit is hurting them,” Ms. Galaviz elaborated, “in the case of a Stockton resident, ‘I know,’ she is living with a friend by renting a room because her student loans as well as some medical bills are hurting her credit…”

During the morning of March 8th, —at the Kennedy Center located on Southeast Stockton—  Housing and Economic Rights Advocates and local Officials released information of a new monthly workshop series aim to educate local residents about mortgage and debt collection issues.

“We’re excited to be bringing more of our energy and focus into the Valley, and we’re starting with San Joaquin County,” said Maeve Elise Brown, Executive Director of HERA.

San Joaquin County Officials praised the plan, “I think HERA can help fulfill a need,” highlighted San Joaquin County Deputy District Attorney, James Lewis as he acknowledge underserved residents in the community.

Monica Hernandez is looking forward to the information because, “my ex-husband has drown my credit.”  Hernandez has been looking for help on reestablishing her credit as she would like to become a homeowner in a near future.

“Having the workshops southeast Stockton is great!” Galaviz acknowledge that some residents may encounter transportation issues; but, “by bringing the clinic to the neighborhood it helps.”

The series is underwritten by a grant from San Francisco-based van Löben Sels/RembeRock Foundation and the presenters will be offered by the Oakland based, Housing and Economic Rights Advocates.

HERA is a not-for-profit legal service and advocacy organization dedicated to helping California residents —particularly those most vulnerable.  The organization has been building a safe, sound financial future, free of discrimination and economic abuses, in all aspects of household financial concerns.

The San Joaquin County Human Services Agency and HERA are working together in elaborating the workshops and legal clinics calendar which will soon be published.  Anyone may obtain more information about the workshops by contacting Erté Boyette, Community Program Manager at (209) 468-1549 or by contacting HERA at (510) 271-8443.

Bilingual Weekly (BW News) – Your source of Local news covering topics of Latino interest in Stockton, California; and San Joaquin County.

Forecasting our local Business Outlook: Hispanic Chamber of Commerce hosts 2016 Conference


STOCKTON — On Wednesday January 6th, More than 250 business owners and corporate representatives gathered at the University of the Pacific’s DelaRosa University Center to learn at the 2016 Business Forecast Conference.

The Conference organized by the San Joaquin County Hispanic Chamber of Commerce offered four speakers with different insight to 2016’s economic outlook.

Jeffrey Michael, Director of the Center for Business and Policy Research at University of the Pacific projected that San Joaquin’s prospects may be brighter than the rest of the nation expects the 3.4 percent job growth of San Joaquin to reach 3.7 percent in 2016.

“Stockton is the 4th in job growth in California; Stockton is doing better thank Sacramento,” highlighted Michael.

However, Bob Gutierrez, Director of Government Affairs for Food 4 Less, and the Hispanic Chamber’s President Elect, highlighted a list of State laws which that will increase business regulation and cost.

Scott Anderson, Chief Economist of Bank of the West, projects throughout that, “education, health, professional services, and transportation” are among the industries to excel in the upcoming months.

Last year, San Joaquin County’s 1.6 percent growth population was at the forefront when compared to the rest of the state, “That’s a significant recovery from we were a few years ago,” said Michael adding, the areas hardest hit by the housing recession are coming back strong.”

Michael projects gains in the construction industry as it has been recovering from the 1,000’s during the recession to last year’s 1,700 dwelling and projected to be at 2,200 new units in 2016.

Bilingual Weekly (BW News) – Your source of Local news covering topics of Latino interest in Stockton, California; and San Joaquin County.

California’s Minimum Wage Increases to $10 per Hour


State of California — The Department of Industrial Relations (DIR) reminds California’s employers and workers that effective January 1, 2016, the state’s minimum wage will increase to $10 per hour.

“This increase in the minimum wage is California’s second increase in 18 months. Those earning minimum wage will now have a bit more to take home every paycheck,” said Labor Commissioner Julie Su. The Labor Commissioner’s Office is a division of DIR.

Governor Jerry Brown signed legislation on September 25, 2013, raising California’s minimum wage to $9 per hour on July 1, 2014, with a final adjustment to $10 per hour on January 1, 2016. It marked the first increase in California’s hourly minimum since 2008, when the minimum wage was raised 50 cents to $8.

State law requires employers to post information on wages, hours and working conditions at a worksite area accessible to employees. Notices for the wage orders in English and Spanish can be downloaded and printed from the Workplace postings page on the DIR website.

Almost all employees in California must be paid the minimum wage as required by state law. Workers who are paid less than the minimum wage may file a wage claim with the Labor Commissioner’s office.

DIR protects and improves the health, safety and economic well-being of over 18 million wage earners, and helps their employers comply with state labor laws.

DIR’s Division of Labor Standards Enforcement (DLSE), also known as the Labor Commissioner’s Office, enforces prevailing wage rates and apprenticeship standards in public works projects, inspects workplaces for wage and hour violations, adjudicates wage claims, investigates retaliation complaints, issues licenses and registrations for businesses and educates the public on labor laws.

Employees with work-related questions or complaints may contact DIR’s Call Center in English or Spanish at 844-LABOR-DIR (844-522-6734). The California Workers’ Information line at 866-924-9757 provides recorded information in English and Spanish on a variety of work-related topics.

BW News – Your source of local news covering Latino News of the State of California

Ca Monthly State Cash Balance


SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in October 2012, showing that total revenues were $207.9 million above (4.4 percent) projections contained in the 2012-13 State budget.

“October’s numbers were positive, due in large part to strong income tax receipts,” said Chiang. “More importantly, total year-to-date revenue is spot-on with the budget’s projection.”

Personal income taxes in the month of October rose $378.4 million above (10.6 percent) projections, while sales taxes also were up by $28.8 million (4.4 percent) relative to projections. Corporate taxes were down for the month, coming in $131.3 million below (47 percent) projections.

The State ended the last fiscal year with a cash deficit of $9.6 billion. As of October 31, that cash deficit totaled $24.7 billion, and is being covered with $14.7 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.

For more details on today’s report, read October 2012’s financial statement and summary analysis.

STOCKTON’S AB 506 CONFIDENTIAL MEDIATION PARTICIPANTS


(Stockton, CA)  –  On February 28, 2012, the Stockton City Council approved moving forward with a confidential neutral evaluation process recently adopted through state legislation, AB 506.  The process gives municipalities that are in fiscal distress an opportunity for financial restructuring, not unlike what goes on in the private sector.  The City has not declared bankruptcy.

The City’s total annual budget is $600 million including all funds and operations; the financial restructuring involves only a small portion of the City’s total budget – the General Fund – which represents approximately $165 million of the larger budget.

The AB 506 process allows municipalities to enter into a period of confidential mediation with creditors or “interested parties” with $5 million or more in obligations or debt.  The City and interested parties will select a mediator with the goal of reaching an agreement on how to manage these City debt obligations.

AB 506 process requires that the mediation process remain confidential; however, the participants in Stockton’s AB 506 process have all agreed to identify the names of the organizations that will be participating, which is allowable under the legislation.  The participating parties include:

– Association of Retired Employees of the City Of Stockton

– Assured Guaranty

– California Public Employees Retirement System (CalPERS)

– Dexia Credit Local, New York Branch

– Franklin Advisers, Inc.

– Jarvis/MUD case

– Mid-Management/Supervisory Level Unit (Management B&C Employees)

– National Public Finance Guarantee Corp.

– Operating Engineers’ Local 3

– Price case

– Stockton City Employees’ Association (SCEA)

– Stockton Firefighters’ Local 456

– Stockton Fire Management Unit

– Stockton Police Management Association

– Stockton Police Officers’ Association (SPOA)

– Union Bank, NA

– U.S. Department of Housing and Urban Development

– Wells Fargo Bank, National Association, as indenture trustee for the following bonds: Redevelopment Authority of the City of Stockton Revenue Bonds, Series 2004 (Stockton Events Center Arena Project); Stockton Public Financing Authority Lease Revenue Bonds, Series 2004 (Parking and Capital Projects); Stockton Public Financing Authority 2006 Lease Revenue Refunding Bonds, Series A; Stockton Public Financing Authority Variable Rate Demand Lease Revenue Bonds, 2007 Series A and 2007 Series B (Taxable) (Building Acquisition Financing Project); City of Stockton 2007 Taxable Pension Obligations Bonds, Series A and Series B; Stockton Public Financing Authority Lease Revenue Bonds, 2009 Series A (Capital Improvement Projects); Stockton Public Financing Authority Variable Rate Demand Water Revenue Bonds, Series 2010A (Delta Water Supply Project)

In addition, the participants have all agreed to provide the name of the mediator, once the mediator has been selected.

For additional information or questions, please visit www.stocktongov.com or call (209) 937-8827.

Expert Says Oil Prices Will Drop, Explains Why Gas Cost Really Spiked


 

Photo provided by NAM

New America Media, Question & Answer, Ngoc Nguyen, Posted: Mar 01, 2012

Editor’s Note: Why is the price of gas spiking? While Republican candidates blame President Obama, energy experts point to global market forces at work—the complications of supply and demand. To get the inside story, New America Media’s Ngoc Nguyen interviewed David Hackett, president of Stillwater Associates, an energy consulting firm specializing in the transportation-fuels market, based in Irvine, Calif. Following are excerpts from her interview.

New America Media (NAM): In the United States, gasoline demand is down and domestic production has been growing, so why are we seeing a spike in prices at the pump?
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IRS Releases the Dirty Dozen Tax Scams for 2012


Tax

Tax (Photo credit: 401K)

WASHINGTON –– The Internal Revenue Service today issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. Continue reading

Energy Bills Increase in 2012


(bw) CALIFORNIA.— While the value of the dollar has decreased over the last several years and U.S. consumer prices increased to 3.4 percent over 2011 the cost of living continues to raise for Northern and Central California residents.

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The 2011 Top 10 Stories Most Read


As we begin 2012, Bilingual Weekly’s newsroom extracted the top 10 most read stories during the last 352 days.  Please note that the top 10 stories were not selected by the Bilingual Weekly’s staff, our team ran the http://www.bilingualweekly.com English website’s analytics’ report which evaluates the hits received daily and it ranked each story from the highest number of hits to the lowest ranking in local news coverage. The following stories are briefs of the top 10 stories you, our readers clicked on.

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State Controller Continues to find Discrepancy’s in Cities throughout California


Motebello, CA  – State Controller John Chiang today released his final review  of the City of Montebello, exposing possible pension spiking, payroll errors, a loose petty cash drawer, and systemic problems in the City’s internal controls of its Finances.

 

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