California Cities in Critical Condition

By Edward Ring
The specter of California’s cities and counties becoming insolvent is nothing new. Three major California cities have already declared bankruptcy, Vallejo in 2008, Stockton and San Bernardino in 2012. In October 2019, the California State Auditor’s Office reported on the fiscal health of 471 California cities. On what the California State Auditor’s office describes as a “Local Government...

TAGS: Edward Ring, Edward Ring, unfunded liabilities

The Cost to Taxpayers of Enhancing Sonoma County Employee Pensions

By Edward Ring
In the early 2000s, along with many other cities, state agencies and counties in California, Sonoma County enhanced their employee pension benefits. As of 6/30/2018, Sonoma County’s pension system had $2.7 billion of invested assets, but nearly $3.1 billion in actuarial accrued liabilities. To what extent is its $400 million unfunded liability attributable to the...

TAGS: Edward Ring, pensions, Sonoma County, unfunded liabilities

California’s State and Local Liabilities Total $1.5 Trillion

By Marc Joffe
We estimate that California’s total state and local government debt as of June 30, 2017 totaled just over $1.5 trillion. That total includes all outstanding bonds, loans, and other long-term liabilities, along with the officially reported unfunded liability for other post-employment benefits (primarily retiree healthcare), as well as unfunded pension liabilities. This represents a rise...

TAGS: Edward Ring, Marc Joffe, unfunded liabilities

CalPERS is shocked – just shocked – to find cities reeling under the burden of growing pension debt

By Steven Greenhut
Sacramento The California Public Employees’ Retirement System’s union defenders feign shock whenever pension reformers accuse it of “kicking the can down the road” in dealing with the state’s mounting pension debt. It’s like the scene from Casablanca, when Captain Louis Renault is absolutely shocked to find gambling going on in a gambling house. CalPERS is...

TAGS: CalPERS, Loyalton, pensions, unfunded liabilities