The major failing of the study is that it is purposely designed to “tax” new development to fund all the cost of certain transportation projects the Town Council wishes to develop over the next 20 years, regardless of whether they are truly required to accommodate growth.
There is one other very positive impact that flows from the reduction in the unfunded pension liability, namely a corresponding reduction in the annual required employer contribution made to CALPERs.
I have attached the calculation of the required CALPERs contribution the Town must make for FY 2024. As you can see the amount expressed as a percentage of payroll dollars is 29.97%. Assuming a projected payroll of $13,004,007 that would equate to a total dollar payment of $3,897,300. That’s real cash being spent.
Phil Koen Fri, Sep 29, 1:45 PM (3 days ago) to Joel, Laurel, paul.mcdougall@hcd.ca.gov, jose.jauregui@hca.ca.gov, Gabrielle, me, Rick Dear Mr. Paulson, At last night’s HEAB meeting, Staff made the statement that it was appropriate to credit the 6th cycle RHNA with units that are made available during … Continued
Staff has raised the question as to the “timing” of an ADP to minimize downside risk of incurring a loss base in the year the ADP is made. Staff hypothesizes that “the Town may wish to make an annual payment (I am … Continued
NOTE: We promised an update to our initial letter regarding the Council’s unanimous response to approve the raise and the bonus. Below is a letter written to the Democracy Tent group that will be discussed in their Zoom meeting … Continued