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 Santa Maria*
⚠️ 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 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 Response to Finding 2: Agree The City agrees that Section 115, Pension Obligation Bonds, and Pension Reserve Funds are viable options for planning for future economic downturns. City staff has researched each of these options and has already implemented one (see City Response to
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 Trusts, Pension Obligation Bonds, and Pension Reserve Funds would be an effective hedge against risks to their pension plans for their city.
* 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.