In a small city like Pacific Grove the liability to CalPers has risen from 1% in 2001 to over 10% of their budget now.
Their debt worries are so concerning that they have cut back by half on nearly all essential services in order to pay their debt to CalPers.
Is that happening in Angels Camp? What about Calaveras County?
Would they tell us honestly if they were in trouble because of CalPers?
Pacific Grove has hired bankruptcy attorneys to fight CalPers to get their payments lowered. If all the government entities got together to fight them, it would sure cause more pressure.
In August of 2012 San Bernardino stopped payments to CalPers when it filed for bankruptcy. How can this be allowed to happen in small cities. CalPers has taken over!!
2 comments:
Soon, Jan. 2014, pension deficit liabilities will be on the books and in budgets as liabilities. OOOooops, how solvent is Calaveras County? It's going to be interesting to watch the faces and hear the speil from the calaveras elite. What do you think, will the Measure J liability be larger than the pension deficit liability? Prepare for a push for tax increases.
Today, no joke, Stockton can continue it's bankruptcy. Watch em fall like dominoes.
Post a Comment