IR-2012-33, March 13, 2012
WASHINGTON — With business tax-filing deadlines fast approaching, the Internal Revenue Service today encouraged small employers that provide health insurance coverage to their employees to check out the small business health care tax credit and then claim it if they qualify.
(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.
Stockton, CA- The City of Stockton was home to the 8th annual REXPO, whose theme this year was “Unplugged,” on March 14, 2012 between the hours of 7:00 AM until 2:00 PM at the Hilton Hotel. The event was hosted by Green Team of San Joaquin, a program of the Stockton Chamber of Commerce.
Homeowners with Government-Sponsored Mortgages not eligible to Reduce Homeowners Negative Equity – yet.
WASHINGTON, D. C. – Earlier this month, a $25 billion settlement was announced for 49 states to help former and current homeowners who have struggled in the wake of the foreclosure crisis, including California. Although five major banks—Bank of America, Wells Fargo, J.P. Morgan Chase, Ally Financial, and Citigroup—are participating in the settlement, homeowners with loans secured by Government-Sponsored Enterprises (GSEs) are not eligible for that assistance. The GSEs, including Freddie Mac and Fannie Mae, own or secure approximately 60 percent of the mortgages in the country.
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.
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
Kaiser Permanente employees and union leaders circled outside the Kaiser facilities in Stockton on Tuesday, January 31st as part as a one-day strike throughout Northern California, battling over contract negotiations with Kaiser.
United States Capitol Washington, D.C. 9:10 P.M. ET
By Mayra Barrios
On January 11, 2012, the South San Joaquin Hispanic Chamber of Commerce will install the 2012 Officers and Board of Directors.
The 2012 Board of Directors to be installed are:
(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.
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.
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.
A new study, Our American Immigrant Entrepreneurs: The Women, shows that in the last 10 years the number of American Immigrant woman entrepreneurs has almost doubled.
There were 575,750 immigrant woman who were self employed in their own business in the year 2000 and in 2010, that number jumped to 980,575.
The report was written by Susan Pearce, Elizabeth Clifford and Reena Tandon and was adapted from the book, “Immigration and Woman: Understanding the American Experience,” according to New American Media news report from December 9, 2011.
Bilingual Weekly News
(bw) STOCKTON, CA — on Friday, October 28th, Comerciantes Unidso (United Merchants) celebrated 14 years of existence at the University Plaza Hotel, in downtown Stockton. Dozens of Hispanic business owners, politicians, community business leaders, family members and friends gathered to celebrate the 14 years of service to the Latino Community.
“it was a humble night, but an important evening for Comerciantes Unidos’ members, as we continue to unite the Hispanic merchants of this city, we mutually support and simultaneously we support our Hispanic community,” Expressed Mario Eguiluz, president of the organization.
As part of the program, members who have contributed with extraordinary activism in the varios programs of the organization were honored. Among the recipients were:
Obdulia Chávez, owner of Vanssa’s Decorations
Maria Ramos, Volunteer and community activist
Ismael Cortez, President of La Comission Honorifica Mexicana (the Honofiric Mexican Comission)
Vicente Vázquez, board member of Comerciantes Unidos.
Mr. Eguiluz appreciated the support Comerciantes Unidos has offered him, and he invited the continual participation with the organization to achieve greater benefits for the community.
Comerciantes Unidos is formed by San Joaquin County Spanish speaking business owners.