Solano County Grand Jury
• 2023-2024
Is Vacaville Managing its Unfunded Liability Debt?
⚠️ Translation Notice: This content has been automatically translated. The original English text is the official version. Translation may contain errors.
⚠️ Este contenido ha sido traducido automáticamente. El texto original en inglés es la versión oficial. La traducción puede contener errores.
Findings and Recommendations 4 findings
F1
- Vacaville’s OPEB Unfunded Liability Debt remains the largest in Solano County and threatens the stability of city services to its residents. There are no new ideas or public oversight at this time to resolve the debt issue. An OPEB Unfunded Liability Debt advisory committee no longer exists.
Related Recommendations (2)
R1a
- The Vacaville City Council pursue new and creative ideas which include city employees and residents input aimed at decisions that reduce or eliminate the OPEB Unfunded Liability Debt.
R1b
- Form a committee, through the City Council, with authority to resolve the Unfunded Liability Debt. The committee should be chaired by a Vacaville resident and include residents as well as city staff.
F2
– Vacaville City Council has not been looking beyond CalPERS recommendations for health coverage, limiting other options that are available.
Related Recommendations (1)
R2
- Vacaville City Council should have staff research and present to the Council other health care choices.
F3
- The City of Vacaville has a current budget that is balanced and also has a healthy 40% reserve account which could provide funds to decrease the Unfunded Liability Debt.
Related Recommendations (1)
R3
– Vacaville City Council consider using the reserve account to reduce the OPEB Unfunded Liability Debt.
F4
- Some Special Pays are calculated into retiree pension funds, which increases the cost to the City.
Related Recommendations (1)
R4
- The City of Vacaville reduce the Unfunded Liability Debt by avoiding the inclusion of special pays when calculating retirement pensions. COMMENTS Staff from every governmental organization in Solano County should read the article “Ranks of high-priced public pensioners explode in state” published in the Daily Republic on June 3, 2024. This article contains facts and figures showing the increase in pension monies that were paid out since 2011. Currently, CalPERS has only 72% of the money that it owes to the workers.
Comments 1
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CO1Staff from every governmental organization in Solano County should read the article "Ranks of high-priced public pensioners explode in state" published in the Daily Republic on June 3, 2024. This article contains facts and figures showing the increase in pension monies that were paid out since 2011. Currently, CalPERS has only 72% of the money that it owes to the workers.