Skip to comments.Moorlach: O.C. again could be bankrupt (California)
Posted on 08/29/2011 3:33:41 PM PDT by Oldeconomybuyer
Second District Supervisor John Moorlach warned in a weekend editorial in the Register that the county is poised at the edge of bankruptcy again.
To make his point, Moorlach compared Comprehensive Annual Financial Reports for June 30, 2010, for Irvine and Newport Beach to the countys.
The countys net assets are $4,794,221,000. The net investment in capital assets is $3,097,843,000. The restricted resources are $1,384,586,000, thanks to our relationships with the state and the federal governments., Moorlach wrote in an Aug. 26 guest editorial. That leaves unrestricted net assets available to the county of $311,792,000, or just a little less than that of Irvine and Newport Beach combined.
The net investment in capital assets doesnt even cover this debt, wrote of the county.
The county of Orange, which went bankrupt in 1994, is a bankruptcy candidate again, Moorlach wrote.
(Excerpt) Read more at taxdollars.ocregister.com ...
Taxpayers need to get out while they still can
“Thanks to our relationships with the state and federal governments” - you got that right.
orange county was once a conservative county.
but now the immigrants have taken up the resources.
Besides immigrants, Orange County is now loaded with twenty and thirty something newcomers who were educated at elite schools and who have come to work in the newer businesses surrounding Irvine. They are very socially liberal and don’t have the same conservative viewpoints and aversion to taxes that their entreprenerial predecessors had. In other words, we are on our way to looking like Massachusetts. We are so screwed.