Sacramento City Council approves external audit of credit card use
News from Modesto Bee:

The Sacramento City Council voted Thursday night to fund an external audit of the credit card use of the mayor, council members and their staffs.

The council also approved a plan to speed up an already planned internal audit of the credit card use by all city employees.

The council votes on both matters were 7-0; Mayor Kevin Johnson and Councilman Rob Fong were absent from the meeting.

Call The Bee’s Ryan Lillis, (916) 321-1085. Read his City Beat blog at sacbee.com/citybeat

City officials are directing additional resources to examining credit card use at City Hall following the resignation of a mayoral aide last month after it was revealed she had allegedly used her city-issued credit card to make personal purchases.

Lisa Serna-Mayorga, the former council operations manager who was later transferred to a post within the mayor’s office, is now under criminal investigation by the Sacramento Police Department.

Sources have told The Bee that Serna-Mayorga reimbursed the city for $ 9,000 in credit card charges that included a trip to Disneyland, gasoline and groceries.

The firm of Macias Gini and O’Connell will be paid up to $ 12,000 to conduct the audit of the council and mayoral offices. City officials expect that examination to take about two weeks.

Roughly a d…………… continues on Modesto Bee

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Reversing Course Again, Consumer Credit Card Balances Fall in June
News from Fox Business:

Consumer credit card balances tumbled in June after shooting up the previous month, according to new data from the Federal Reserve.

The Federal Reserve’s latest monthly G.19 consumer credit report, released Tuesday, showed a 5.1% drop in revolving debt as more people shied away from charging their purchases to credit. Revolving debt, which in the report is made up almost entirely of credit card debt, dropped by $ 3.7 billion in June to $ 864.6 billion.

June’s drop in revolving debt marks the third time this year that consumers have trimmed their credit card balances, and economists say that rising economic uncertainty deserves much of the blame.   

“People are just not sure what the future is going to bring and so consumers are being very careful,” says Michael Davis, a professor of economics at the Cox School of Business at Southern Methodist University. “They’re trying to deleverage and they’re trying to get ahold of their finances, which is probably a good thing.”

The Fed’s G.19 consumer credit report also looks at nonrevolving debt, which includes auto loans, student loans and loans for mobile homes, boats and trailers. Nonrevolving debt went up 7.2% to $ 1.7 trillion in June. Because the nonrevolving debt was larger than revolvin…………… continues on Fox Business

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