RANDY ECONOMY: MY WORLD: Sacramento Judge rules that California can raid local city Redevelopment Funds. Bad news for cash strapped cities like Cerritos and Long Beach

Tuesday, May 04, 2010

Sacramento Judge rules that California can raid local city Redevelopment Funds. Bad news for cash strapped cities like Cerritos and Long Beach

Arnold Schwarzenegger speaking at the lighting...

Breaking News
By Randy Economy
www.Economy4ABC.Blogspot.com
Sacramento, CA
May 5, 2010

Thanks to a ruling from Sacramento County Judge Lloyd Connelly this morning, the State of California will now be allowed to transfer more than $2 billion from local city redevelopment agency funds to help balance the massive California's budget crisis.

This is bad news for cities like Cerritos, Bellflower, Pico Rivera, Beverly Hills and Long Beach who rely on this source of revenue for their annual budgets.

Judge Connelly on Tuesday denied a request from local governments who wanted to stop the state from grabbing their redevelopment funds, which generally are used for to promote public works projects and rehabilitate downtown's.

If Connelly had approved the injunction, it would have created an even bigger problem for Gov. Arnold Schwarzenegger as he prepares to release his revised budget later this month. California is projecting a deficit of roughly $20 billion in the fiscal year that starts in July.

Under last year's budget, the state used the money from redevelopment funds for schools in those districts. Cerritos has been fighting this case for more than the past two years. I will keep you posted on more details.

No comments:

Post a Comment

Meet Randy Economy

You may know me from my role as the Senior Advisor and Official Media Spokesman for the Recall Gavin Newsom campaign that established a worldwide blitz of interviews. I conducted more than 2,200 media interviews on behalf of “The People’s Recall” during a 10-month period from November 2020 to September 2021. The iconic magazine Mother Jones in a dramatic feature article called me “A ‘Superhero Pirate’ Radio Host, (and) Gavin Newsom’s Strangest—and Most Dangerous—Threat. Meet Randy Economy, the man behind the effort to recall California’s governor.” I appeared on more than 330 media outlets around the world in my capacity with RecallGavin2020. Fox News, CNN, MSNBC, Newsmax, NBC Nightly News, ABC News, as well as the Wall Street Journal, Washington Post, Politico, and dozens of other media outlets aired featured reports on my work on behalf of “The People’s Recall.” I am and will always consider myself to be a journalist. Sometimes I think I bleed ink. My talents as an Investigative Journalists in California earned me FIVE top awards from the prestigious Los Angeles Press Club in 2013, 2014, and 2016. I am tenacious. My reporting over the years has led to the prosecution of several elected officials in California. While working for a tiny community newspaper in Southeast Los Angeles County, I worked doggedly to expose the biggest public corruption case in Los Angeles County history when I unearthed a massive pay to play scheme inside the Assessor’s Office that led to the arrest of then Assessor John R. Noguez and four others. However, politics has been in my DNA since I was a child. I have worked on more than 300 political campaigns as a consultant and advisor since 1982 for candidates from all sides of the political spectrum including Democrats and Republicans, and even Libertarians. I am also a small business owner, serving as the President and CEO of Hot Water Studio & Production, LLC. My company works with media outlets across the state, nation, and world exposing public corruption via several new media platforms. I have also overcome personal challenges. I am legally blind with zero vision in my right eye and only 40 percent vision remaining in my left eye. I sometimes wear an eyepatch due to my failed vision. (Hence the nickname of “America’s Political Pirate.”

Tuesday, May 04, 2010

Sacramento Judge rules that California can raid local city Redevelopment Funds. Bad news for cash strapped cities like Cerritos and Long Beach

Related articles by Zemanta

No comments: