Santa Cruz County Grand Jury • 2015-2016

Funded for the Future? Retirement Costs and Obligations in Santa Cruz County

Published: June 25, 2015 42 pages
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Findings and Recommendations 3 findings

F1
Continually rising retirement costs and obligations put funding of jurisdictions' services and projects at risk.
Related Recommendations (1)
R1
To prevent reductions in public services, each of the six public agencies studied in this report should increase, and make public, their efforts to manage and reduce retirement costs and obligations. (F1)
F2
A clear and complete statement of the total retirement costs and obligations has not been provided in the budget narrative for either the public or elected officials. 14
Related Recommendations (1)
R2
Each of the six public agencies studied in this report should provide, in language understandable to the public, the totality of retirement obligations in their annual budget narratives beginning with the fiscal year 2015/16 budget. (F2) ​
F3
Enrollment in the CalPERS Employers Retiree Benefit Trust Fund reduces employer contributions, prevents retiree health obligations from becoming a significant budget liability, and contributes to a positive credit rating.
Related Recommendations (1)
R3
The Board of Supervisors and the City Councils of Santa Cruz, Scotts Valley and Watsonville should enroll in the California Employers Retiree Benefit Trust Fund (CalPERS Trust Fund) to pre­fund retiree health obligations and unfunded liabilities. (F3)

No Responses Found 6

Government entities assigned to respond to this report. No response documents have been linked in our database.

Capitola City
Santa Cruz City
Santa Cruz County Board of Supervisors Elected County Office
Scotts Valley City
Soquel Creek Water District Special District
Watsonville City