I want to thank Mayor Barry McDonnell & the city council for making the decision to put five city construction projects on hold yesterday afternoon. It was a prudent thing to do and I want to acknowledge and applaud the decision!
This morning's news indicates national unemployment is DOUBLE the number expected -- 6.6 million American's filing for first time unemployment. Boeing, our state's largest employer, is looking at "voluntary" layoffs. I don't know how many Camas residents work at the Gresham Boeing plant, but I know there is a sizeable number of Clark County residents who work there.
The Seattle Times editorial board came out last night, calling on Governor Inslee to make budget cuts in our state spending. They demand not just "cuts" but "painful cuts" in state spending. That's coming from a normally supportive news source.
https://www.seattletimes.com/opinion/editorials/coronavirus-necessitates-painful-but-necessary-cuts-to-washington-state-budget/?amp=1&fbclid=IwAR33RilqEf_qEVX2I59PqJ399Q-7v5o27LxmhDu3-4XhB2JU2LIw00j0cmk
A different Times news report this morning reported gas sales have plummeted by TWO THIRDS for one Seattle area gas retailer. Clearly gas tax revenues going to the state are plummeting as well.
A different Times news story reported that 44% of global airplanes are PARKED. Yes, that's my industry. But again, it highlights what will not be a quick "recovery" for our state's largest employer, Boeing.
I know the finance director and the city council's finance committee have begun looking at the issue of cutting costs and spending. That's very appropriate.
There are difficult decisions ahead for all of us.
Thanks to the Mayor and city council for taking the first, serious step in tightening our cities spending.
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Sure glad we didn't sell $78 million in bonds for you-know-what...That whole fiasco has a different smell now.
@John Ley San Francisco is actually mapping to the day when they'll run out of money. What worries them, is when or even if those tax revenues will ever return to pre-COVID levels.
Check out this read:
https://missionlocal.org/2020/03/covid-19-a-sneak-peek-at-the-horrifying-economic-projections-for-san-francisco/
Agreed! It was also highlighted in a new WATCH Camas article that a third important story has now been bumped off the city's front page with less than 24 hours displaying there. The article ends with a quick action we can all take to hopefully address this. https://www.watchcamas.com/post/don-t-miss-this-seven-city-updates-in-one-day
Informed citizens like you John Ley, who #WATCHCamas simply to make it a better place for your family and your neighbors, are a large part of the reason this city has last minute realizations like this.
I'm not sure the irony is lost on anyone when the city distributes two press releases on the same day,
One strongly stating that these construction projects would go forward as essential and because the intersection was, for the first time, doomed to failure (with no support to that claim)
And another release later that same evening saying that all projects are now held due to concerns with safety that it seems weren't clear just hours prior.
The difference between one press release and the next is a day full of citizen outreach to our governor, our county, our elected officials, our regional press and city staff.
Never hesitate to share your thoughts with your representatives Camas, because that's exactly who they are supposed to be.
Municipal reserves, where available, will help, but funding pressures will force many states and cities to turn to the Federal Government to maintain essential services. Recently announced Federal stimulus programs, including the expansion of the Federal Reserve’s Money Market Mutual Fund Liquidity Facility to include purchases of certain types of municipal securities, may help in the short-term.
But the challenges will be daunting and will reveal themselves only gradually. States and cities with strong reserves, a diversified tax base, well-funded pension and employee benefit plans and low debt will undoubtedly weather the storm. Other municipalities without those virtues will be pressured to adopt debt restructuring strategies, including debt adjustments under Chapter 9 of the Bankruptcy Code, on a scale that could eclipse the wave that followed the “Great Recession” of 2008-09.
https://www.natlawreview.com/article/impact-covid-19-municipal-finance-restructurings-inevitable-part-1
John, Thanks so much for this thoughtful, informative update. I’d like to add a bit of anecdotal evidence to the discussion. I get daily updates from Redfin of what’s happening in the Camas real estate market. Today I was inundated by email notifications for price reductions. Heading into the spring/summer market that’s abnormal and speaks to the property tax issue you addressed in another thread.