ramachandran says higher interest rates means home sales have slowed, which in turn means less revenuey. but she also points out that the city hasn't been aggressive in collecting business taxes. >> the city of oakland has missed out on over $50 million of uncollected business license taxes. >> uc berkeley professor dan lindheim is the former oakland city administrator. he says oakland's financial health may not be as dire as the numbers suggest. >> oakland has about 400 other funds, and so the other things are not at difficulty. it's only the general fund. and. >> he says oakland's leadership, dating back several years, should have been more prudent in spending tax revenues that would offset periods of drops in revenues, such as. now, he points to a major reduction in real estate transfer taxes about $50 million. that would have gone to the general fund. all of a sudden they're hit with this major reduction in revenue. >> and it's just really hard t adjust quickly to that major reduction. >> lindheim adds that bonds and parcel taxes aren't solutions either, because that money doesn't

council member janani ramachandran and others say they're worried about plugging a hole with a one time sale, which they say could endanger the city's credit rating if council chooses to go down a road of adopting a budget that factors in that money. >> we are on the road to financial chaos. >> mayor shengtao, whose home was searched by the fbi last week, did not attend the meeting but last month she proposed a budget that focuses on public safety, clean streets and economic growth. but but vacancies at the police and fire departments could be frozen and fire stations could be affected. >> we're incredibly worried that one of the budgets proposed is closing 4 or 5 fire stations. >> zach unger is president of the oakland firefighters union, who's also running for city council. he says oakland firefighters seen here battling a huge warehouse fire in west oakland on wednesday night are almost unable to handle the workload, which is now at about 100,000 calls a year, without getting into the details, we support any budget that keeps fire at full staff. >> i know that there are a lot of real

council member janani ramachandran and others say they're worried about plugging a hole with a one time sale, which they say could endanger the city's credit rating if council chooses to go down a road of adopting a budget that factors in that money. >> we are on the road to financial chaos. >> mayor shengtao, whose home was searched by the fbi last week, did not attend the meeting. but last month she proposed a budget that focuses on public safety, clean streets and economic growth. but but vacancies at the police and fire departments could be frozen and fire stations could be affected. >> we're incredibly worried that one of the budgets proposed is closing 4 or 5 fire stations. >> zach unger is president of the oakland firefighters union, who's also running for city council. he says oakland firefighters seen here battling a huge warehouse fire in west oakland on wednesday night are almost unable to handle the workload, which is now at about 100,000 calls a year. >> without getting into the details, we support any budget that keeps fire at full staff. i know that there are a lot of rea

oakland city council member janine ramachandran says she is unsure if the coliseum sale would close by september of 2025, which she says is needed to adopt the budget. that includes those funds. >> investors are going to want to take their time and be wise before they put that much money out here. >> and she says the forecast is at oakland will face a deficit for the next five years. potential cuts could include 100 police jobs by freezing positions, closing four fire stations and some funding cut to violence prevention programs. so while the oakland city council special meeting to pass its budget is scheduled for today again, council members may be asking for an extension. live in the studio, gloria rodriguez, abc seven news. >> a north bay principal is facing charges this morning for failing to report a coach's alleged relationship with a minor. this week, american canyon principal andrew goff was charged with a misdemeanor. prosecutors say he violated his responsibilities as a mandated reporter when he failed to report the suspected abuse. immediately after finding out about it. if

oakland city council member janani ramachandran says the new budget includes $63 million in possible cuts that will likely impact public safety. she says that may include cuts to about 100 police officers by freezing those jobs. that includes 41 oakland police officers who are civilian staff. so those aren't cops who are out on the streets. the proposed cuts may also force the city to shut down four fire stations. but at the start of the meeting, oakland city council voted to continue negotiations on the sale of the oakland coliseum property. but according to city council member ramachandran, there are real concerns right now that the sale of the coliseum may not be finalized in time for the money to be used in this new budget. we're also being told that oakland may declare a fiscal emergency so they can bypass some statutes that require minimum levels of funding. if city council can't approve the budget by friday, they can ask for a five day extension in oakland, anser hassan. abc seven news. >> mayor shengtao has said she won't let last week's fbi raid at her home distract her from

oakland city council member janani ramachandran says she is unsure if the coliseum deal will close by september of 2025, which she says is needed to adopt the budget that includes those funds. >> investors are going to want to take their time and be wise before they put that much money out here. >> and she says the forecast is that oakland will face a deficit for the next five years. potential cuts may include 100 police jobs by freezing positions, closing four fire stations and some funding cut to violence prevention programs. so while the oakland city council special meeting to pass its budget is scheduled for today again, council members may be asking for an extension. live in the studio gloria rodriguez, abc seven news. >> thanks, gloria. north bay principal is facing charges this morning for failing to report a coach's alleged relationship with a minor this week. american canyon principal andrew goff was charged with a misdemeanor. prosecutors say he violated his responsibilities as a mandated reporter when he failed to report the suspected abuse immediately after being told abou

oakland city council member janani ramachandran says this new budget includes $63 million in cuts that will likely impact public safety. she says that may include about 100 police officers being having to freeze those positions. it includes 41 police who are civilian staff. so these are not cops on the street. the proposed cuts may also force the city to close about four fire stations oakland city council president nikki fortunato bass says she wants a full audit of oakland's assets. >> when we get to our budget discussions on friday, there is a policy directive in my budget amendments so that we can do an inventory of our assets and those needs over the next ten years. >> and at the start of the meeting, city council voted to continue negotiations on the sale of the coliseum. but again, ramachandran says there are real concerns right now that that money may not be available for this budget. i'm also being told that oakland may have to declare a. f bypass some statutes that require minimal funding. i'm also being told that if they can't vote by friday, they can ask for a five day exten

that is the reality of where we're in speak that council member, council member ramachandran is presenting her proposals. >> now. the council has been meeting for several hours this afternoon, hearing from city budget analysts, the police chief and others. now, more than 100 people have signed up to provide comment and the public has yet to be heard. so this meeting will certainly go very long now because this is the mid-cycle budget. there's no strict deadline to pass a spending plan by june 30th. that's according to the city attorney. so there will be another meeting on tuesday to discuss the budget. and coming up at six, we'll hear from a second council member and the firefighters union live in the newsroom. henry lee, ktvu, fox two news. >> all right, henry, thank you. also in oakland, police say that residents and visitors should see an increase in officers patrolling the city. today. the department launched its summer safety plan. the initiative aims to prevent and address violent crime throughout the city. the highway patrol will also be working with opd in high risk traffic areas k

. >> i absolutely understand that oakland city council member janani ramachandran succeeded tao in representing the city's laurel, montclair and redwood heights neighborhoods. she isn't taking a stance on the mayor's situation, but she is focused on the city's midcycle budget, which has to be passed this week. >> i am deeply concerned that we are nowhere near figuring out what council member amendments are, what the different proposals are. >> so it's all in the eyes of the beholder as to whether tao can still be an effective mayor and tackle all the issues the city is facing now. today i ran into city administrator justin johnson at starbucks at city center near city hall. he did not want to go on camera, but expressed optimism that oakland can weather the storm live in studio henry lee, ktvu, fox two news a story we will continue to follow. >> henry. thank you. and if you want to watch the mayor's entire news conference where she defended her innocence, you can find the video on our website, ktvu.com. a man is now in custody after barricading himself inside a san jose motel for hours. police

council member janani ramachandran believes the options should have been presented with the mayor's original budget. are we making irresponsible choices today and kicking the can down the road to whoever is on city council next year? or are we going to start to make hard choices now? one option involves the mayor's original proposed budget, which included additional cuts. if oakland can't finalize its portion of the coliseum, sell by september. the second option leaves out any funds from the coliseum sale. instead, it calls for $63 million in additional cuts that would largely freeze opd and fire department resources. my firm belief there is absolutely no chance that the sale is finalized and goes through, and most importantly, that the money hits the city coffers in time to be utilized in this budget. so how did the city end up in this deficit? former oakland city administrator dan lindheim and now uc berkeley public policy professor, says it comes back to a $55 million loss and real estate transfer tax. the bad thing about it is in good years, it brings in a lot of revenue, and in bad year

ramachandran says east oakland is being excluded from the program, even though the area has seen benefits from the ambassadors. >> a florida family says they are withdrawing their son from an oakland college after being the target of crime downtown. rommel crossman just graduated high school and was planning to attend lincoln university in downtown oakland. the family says their car was broken into on saturday night as they were getting dinner. five suitcases were stolen. it happened just a block away from the university at 15th and franklin, thousand dollars in the bag. >> my husband put it under the seat with three passports. three social security is high school diploma. my son high school diploma, birth certificate, everything totally gone. >> his family is planning on withdrawing his enrollment, saying they are too traumatized to leave him here for school. we reached out to lincoln university but have not heard back. >> more victims of child sex abuse have filed civil suits against a school district in san jose, accusing officials of trying to cover up sexual assault allegations again

councilmember janani ramachandran says she's advocating for more opd patrols in the area, and working to get grants and other funding to address the neighborhood concerns. there's a combination of ways that i'm trying to advocate with our city administration and the multitude of departments that fall under it to see how we can address this comprehensively. it's an effort that neighbors hope will lead to safer streets and fewer fires. it's just escalated so quickly, and i'm very nervous about everyone here and just making sure everyone's okay in oakland. velena jones, nbc, bay area news okay, let's move on. we have made it to friday and it is hot. a live look in san francisco. you see the transamerica pyramid there. a cool down is on the way. let's bring in jeff ranieri as we kick off the weekend. happy friday jeff. hey you too. and it will be nice to get in temperatures a little bit cooler out here across the bay area after plenty of upper 80s. a couple of low 90s were now beginning to see it drop. 74 in santa rosa, 71 in napa. still a little bit of heat for you in concord at 85 and l

joining me now is swetha ramachandran, fund manager at artemis investment management. valued at nearly $4 trillion, still an enormous company, isn't it? ~ , ., isn't it? absolutely, and even after the technical _ isn't it? absolutely, and even after the technical drawback l after the technical drawback that we have had in the last three days, the shares are still up 140% year to date, and what is more remarkable isn't the end of 2022 just in 18 months the shares have gone up eight times, which is nearly a 700% increase, and that time nvidia, and another chinese company were vying for the role of the 10th largest stock in the world markets, and as we know, briefly last week nvidia eclipsed all other global stocks to become the most valuable stock by market capitalisation briefly. t capitalisation briefly. i notice that monday's decline followed disclosures that on friday the ceo of nvidia sold quite a lot of his own stop, and this is how it rolls with these kind of companies, is not a sign at all the huge sell—off monday that there is any concerns of the outlook for nvi

live now to swetha ramachandran, fund manager, artemis investment management. good morning to you.hat was happening with gas prices?— with gas prices? well, the gas rices with gas prices? well, the gas prices are _ with gas prices? well, the gas prices are really _ with gas prices? well, the gas prices are really being - prices are really being affected by a temporary outage at a norwegian processing plant which is affecting movement of gas, and so the reason that is important is that, following the end of russian pipelines of gas to europe, norway is now the largest exporter of gas into europe, accounting for about 30% of all european gas imports. so any changes to norwegian oil supply very quickly feeds through to the national gas price and causes exacerbated volatility at outages such as this. it goes to show that _ outages such as this. it goes to show that across - outages such as this. it goes to show that across europe | outages such as this. it goes i to show that across europe we are still very susceptible to these kind of changes, when there is a problem. the energy secur

council member janani ramachandran and others say they're worried about plugging a hole with a one time down a road of adopting a budget that factors in that money. we are on the road to financial chaos. >> mayor shengtao, whose home was searched by the fbi last week, did not attend the meeting. but last month she proposed a budget that focuses on public safety, clean streets and economic growth. but but vacancies at the police and fire departments could be frozen and fire stations could be affected. >> we're incredibly worried that one of the budgets proposes closing 4 or 5 fire stations. >> zach unger is president of the oakland firefighters union, who's also running for city council. he says oakland firefighters seen here battling a huge warehouse fire in west oakland on wednesday night are almost unable to handle the workload, which is now at about 100,000 calls a year without getting into the details, we support any budget that keeps fire at full staff. >> i know that there are a lot of really difficult choices to be made, but public safety has to be top priority no matter what the

. >> janani ramachandran, a city councilor, spoke out against the gun violence. >> my heart goes outpacted all of the 18 plus who have been injured as well as those bystanders who are undoubtedly going to be scarred from the trauma from this. >> so far, no arrests have been made. according to oakland police. but former police chief laurent armstrong shared a statement with ktvu saying the mass shooting at lake merritt is a tragedy. community members seeking to celebrate juneteenth shouldn't have to worry about being the victim of gun violence . the former police chief was fired by mayor shengtao last year. he's now running for the at-large councilor seat. he wants accountability. oakland is a city in chaos. city hall is rudderless and the council is leaderless. this is leading to violence in our streets against citizens and businesses. as oakland native johnnetta agrees, something has to change for the community. >> we all need to come together and think of things that we can do for these kids to give them extra curricular activities instead of going around finding guns and finding o

good morning to you, chris and marcus oakland city council member janani ramachandran tells us she is, quote, terrified about the options that the city has to close a budget deficit that right now is at $177 million. later this afternoon, the oakland city council will meet to discuss and possibly vote on how to close that gap. now, initially, mayor sheng thao of oakland proposed a budget that included the sale of the coliseum, which would help bring down that deficit. but that sale might not happen in time. so within the past week, the mayor proposed a resolution to her budget that would call for $63 million in cuts. instead which would, as you mentioned, impose hiring freezes, not only on the oakland fire department, but the police department, which is already struggling with low resources. we need to get back to making public safety our number one priority. and to make not only our neighborhoods safe, our schools safe, but also be able to maintain our businesses here in oakland that, because at the end of the day, it's the business community that pay the taxes for us to deliver comm

. >> oakland city council member janani ramachandran tells ktvu she is not taking a stance on the mayor's situation, and instead she's concentrating on this week's deadline to pass the city's mid-cycle budget. >> i'm deeply concerned that we are nowhere near figuring out what council member amendments are, what the different proposals are, mayor tao supporters say they're confident she can carry out her duties as oakland's leader. >> the city administrator says he's optimistic oakland can weather this latest problem. >> our time is now. 504. in just a couple of hours from now, governor newsom will release his state of the state address. the governor will record the speech according to his office and then release the video on social media and on his official website. the last year, governor newsom did not deliver a state of the state speech, and instead he sent a letter to the legislature. and the year before that, during the pandemic, he gave the speech at dodger stadium. this year's speech is expected to be available at 10:00 this morning. >> thursday is when california's secretary of st

i absolutely understand that oakland city council member janani ramachandran succeeded tao in representing the city's laurel, montclair and redwood heights neighborhoods. >> she isn't taking a stance on the mayor's situation, but she is focused on the city's mid-cycle budget, which has to be passed this week. i am deeply concerned that we are nowhere near figuring out what council member amendments are, what the different proposals are. so clearly it remains to be seen as to whether people believe that mayor tao can be an effective leader of the city while tackling the city's problems. now, i ran into city administrator justin johnson at the starbucks here at city center across the street from city hall. he didn't want to go on camera, but he expressed optimism that oakland can weather the storm. live in oakland. henry lee, ktvu, fox two news. >> yeah, but henry, with this deadline facing the city, did. did the council members share how they plan to address that? and actually, you know, be able to meet that deadline? >> yeah, she is unclear. and she's not sure if they can meet the deadline

. >> oakland city council member janani ramachandran is not taking a stance on the mayor's situation. instead she says she is focused on the city's midcycle budget, which has to be passed this week. >> i am deeply concerned that we are nowhere near to figuring out what council member amendments are, what the different proposals are. >> mayor tao supporters say they are confident that she can carry out her duties as leader of the city. city administrator justin johnson telling us off camera that he is optimistic that oakland can weather the storm. >> well, another big challenge for oakland businesses leaving the city today, the hilton near the oakland airport announced that it will be shutting down after more than 50 years in business. ktvu betty yu joins us now live in betty. this announcement follows the recent promise from city leaders to improve that crime challenge area. >> heather. just three months ago, mayor xiang tao said security had been ramped up in the area around the oakland airport. tonight, we learned the hilton will shut its doors in august this year. the hilton didn't

. >> an oakland city council member, janani ramachandran, says she's not taking a stance on the mayor's situation. and instead concentrating on this week's deadline to pass the city's mid-cycle budget. >> i am deeply concerned that we are nowhere near figuring out what council member amendments are, what the different proposals are for mayor tao supporters say they are confident that she can carry out her duties as oakland's leader. >> the city administrator says he is optimistic oakland can weather this latest trouble. >> our time now. 706a new study from uc berkeley says most california voters support term limits for local political offices. researchers at uc berkeley questioned more than 5000 voters around the state. they found 77% want to see term limits for both county supervisors and district attorneys. that number is 73% for county sheriffs here in california. to some, political experts say this study could signal a desire for new leadership in the november election. rouz. and turning now to a developing story in san francisco's tenderloin, where sirens woke many people up this m

. >> janani ramachandran, a city councilor, spoke out against the gun violence. >> my heart goes out impacted all of the 18 plus who have been injured, as well as those bystanders who are undoubtedly going to be scarred from the trauma from this. >> so far, no arrests have been made, according to oakland police. but former police chief leronne armstrong shared a statement with ktvu saying the mass shooting at lake merritt is a tragedy. community members seeking to celebrate juneteenth shouldn't have to worry about being the victim of gun violence. the former police chief was fired by mayor shengtao last year. he's now running for the at-large councilor seat. he wants accountability. oakland is a city in chaos. city hall is rudderless and the council is leaderless. this is leading to violence in our streets against citizens and businesses. oakland native johnnetta agrees. something has to change for the community. >> we all need to come together and think of things that we can do for these kids, to give them extra curricular activities, instead of going around finding guns and finding