$5.6 million in Stockton’s bank account (Recordnet)

December 7, 2012 – For the first time in two years, Stockton’s bank account shows a positive balance, which city officials attributed in part to an uptick in sales taxes and savings brought on by the difficulty of filling empty positions on the police force. That extra $5.6 million in the city’s general fund – the subject of Stockton’s Chapter 9 case – will be held for use in the city’s ongoing bankruptcy, Chief Financial Officer Vanessa Burke said in a staff report. On Tuesday, Burke is expected to present the year-end financial results to the City Council in addition to another long-awaited, 300-page report dissecting Stockton’s finances for the year ending June 30, 2011, called the Comprehensive Annual Financial Report.

Link to Full Article: http://www.recordnet.com/apps/pbcs.dll/article?AID=%2F20121207%2FA_NEWS%2F212070320%2F-1%2Frss02

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