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Extracted from Consolidated Report
This investigation was originally published as part of a larger consolidated report containing multiple investigations. View the consolidated PDF for the complete document.
⚠️ 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 3 findings
F1
Page 53
Continually rising retirement costs and obligations put funding of jurisdictions' services and projects at risk.
Related Recommendations (1)
R1
Page 54
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
Page 53
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.
Related Recommendations (1)
R2
Page 54
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
Page 54
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
Page 54
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)