5 Nov 2023

Unfunded Employee Benefit Liabilities as of 6-30-23

by | posted in: Finance, Latest News, Unfunded Liabilites | 0

In order for the Town to understand the value of future pension benefit payments, actuarial
valuations are performed each year for the pension plans. The CalPERS actuary estimates the
payments that will be made for all potential retirees from each plan in each future year. The
actuary calculates the present value of future benefits the plan will be required to pay to its
current participants: those still working who will retire in the future, retirees, and those who
have terminated employment but have not yet begun drawing benefits.

The 2022 valuation reports provide the determination of the minimum required employer
contributions for fiscal year (FY) 2024/25. In addition, the reports also contain important
information regarding the current financial status of the plans as well as projections and risk
measures to aid in planning for the future

2 Nov 2023

The Positive Impact That Flows From The Reduction In The Unfunded Pension Liability

by | posted in: Finance, Latest News, Unfunded Liabilities | 0

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.

28 Oct 2023

California’s denser housing ‘solutions’ are failing badly

by | posted in: Housing, Housing Element, Latest News | 0

A Brief Summary of this article made by LGCA: 

California’s denser housing ‘solutions’ are failing badly.
The number of homeless people has increased even as more dense housing has been built.
The number of Californians who are housed but unable to buy homes far exceeds the unhoused populace.
Median home prices have continued to rise.
California needs to find new ways to address its housing shortage and homelessness problem.