Complex financial deals and energy projects cost Vernon millions Sacramento Bee
The city of Vernon has amassed nearly half a billion dollars of debt and suffered major losses over the last six years in an aggressive pursuit of investments through its electric utility, according to a Los Angeles Times analysis of the city's financial records.Even as the city's losses mounted, Vernon's leaders continued to push for more complex and grandiose projects. Officials bought a 15-year supply of natural gas at a fixed rate expecting prices would rise, only to see them fall precipitously. They also spent heavily on plans for a massive power station project that was later abandoned.
Despite this financial crisis, the city steadily increased spending on salaries, pensions and fees to attorneys and consultants, according to audited financial reports.
Reimbursement records show that top administrators traveled first-class across the country and to Europe, stayed in luxury hotels and saw their pay skyrocket - with one official making more than $1 million a year.
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