City of Compton no longer ‘financially distressed’
City of Compton held a regular city council meeting, Tuesday, March 15, 2016, which revealed the city was hoarding bond proceeds received in 2009. The meeting allowed the city an opportunity to start expending the funds. A special presentation also took place which said the Hub City is no longer ‘financially distressed’ as described by the Los Angeles Times. Is the proposed sales tax increase still needed?
July 21, 2015, the regular city council agenda listed item #7, which stated the city was in a fiscal emergency and needed to pass an additional sales tax measure, to make ends meet. The sales tax measure is being proposed for a special election this June.
Craig Walker, with IFS Securities, was tasked with letting council and residents know, the city was meeting its payment obligations, despite warrant registers detailing the payment of city bills, never being included on any city council agenda. The presentation further stated the city wasn’t in a financial crisis for the last 3.5 years.
If so, why was that rhetoric used to oust the former mayor and three council members?
The Board of Supervisors approved the special election, to be held Tuesday, June 7, 2016, by unanimous vote.