Santa Barbara County Grand Jury
• 2020-2021
• Agency Response
Response to:
PENSIONS IN SANTA BARBARA COUNTY REQUIRE VIGILANCE: Balancing Promises and Maintaining Services
City of Carpinteria, California February 15, 2022 Santa Barbara County Grand Jury Presiding Judge Gustavo Lavayen*
⚠️ Aviso de traducción: Este contenido ha sido traducido automáticamente. El texto original en inglés es la versión oficial. La traducción puede contener errores.
⚠️ Este contenido ha sido traducido automáticamente. El texto original en inglés es la versión oficial. La traducción puede contener errores.
Findings and Recommendations 1 findings
F2
Section 115 Trusts, Pension Obligation Bonds, and Pension Reserve Funds can be effective mechanisms to protect cities from dramatic impacts to the financial markets or declines in General fund revenues. City of Carpinteria's Response to Finding 2: Agree.
Related Recommendations (1)
R2
That each City Council and the Santa Barbara County Board of Supervisors study and determine by June 30, 2022, whether a Section 115 Trust, Pension Obligation Bond, or Pension Reserve Fund would be an effective hedge against risks to their pension plans for their city. City of Carpinteria's Response to Recommendation 2: Has been implemented. The City has established and maintained a Section 115 Trust since June 30, 2018. Yours Dave Durflinger City Manager 2 | Page
* This report's PDF did not contain easily extractable text and required Optical Character Recognition (OCR) for analysis. There may be minor errors in the extracted findings and recommendations due to OCR limitations with scanned documents.