The Daily Journal (San Mateo), Staff, 10/23/12. "Millbrae budget gap forcasted." Includes comments from Millbrae's Finance Director, LaRae Brown.
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| Looking west at Millbrae from the Bay |
.... Millbrae voters originally passed the $144 yearly fee for fire services on single-family homes in 2004 as one solution to address the city’s budget crisis, which began in 2001. It was extended in 2009. The levy brings in about $1.44 million annually, which means a four-year cumulative loss of about $5.76 million, Brown wrote.
Among the other fiscal challenges, the forecast predicts an increase in the pension obligation payments, an increase in the California Public Employee’s Retirement System contribution rates, only $50,000 for capital projects, and not meeting the city’s 15 percent reserve policy, Brown wrote.
Annually, the projected budget gap would range from $1.4 million
in 2014-15 to $2.05 million in 2017-18 if no changes are made, Brown
wrote." Read article.
Reference - City of Millbrae, and City Data.
Posted by Kathy Meeh
11 comments:
Millbrae, is Millbrae they have revenue. Pacifica does not.
woohoo, Pacifica too! Our pension obligations and contributions to CalPers are also going up next year. And up and up and up.
I wouldn't want to be a city of Pacifica employee, your pension may just be a moot point after the city files for bankruptcy.
Where is the rage?
@348 no rage because those CalPers pensions for retirees and those still working are probably untouchable under CA state law in a Chapter 9. Very different than the Chapter 11 we see businesses filing. These laws protecting public employee pensions also differ from state to state. Vallejo didn't include pensions in their Chapter 9 filing because they knew CalPers would win the argument or drag it out for decades. Stockton thus far has not included these pensions in their pre-Chapter 9 discussions. Cuts in both cities have been made to retirees health benefits because those are also out of control and an easier target. If and when there are many many CA cities filing Chapter 9 then the legal challenges of the CA law protecting these pensions will begin. It'll be CalPers and CA law versus federal bankruptcy law. We shouldn't expect a knock out, more likely a twenty-five year siege. Meanwhile, we need to be cutting wages and closing loopholes to cut our future obligations and using two-tier hiring and raising retirement ages.
What's Pacifica done? Very little, but with maximum drama.
"Where is the rage?"
Yes, this site needs more pointless and mindless rage. Hopefully, the Agenda 21 nut jobs will return soon.
5:32 The Pacifica pension plan is way way underfunded. How do you think they will refill the bucket with money?
A bond that didn't work?
Waiting for money to fall out of the sky?
Fred Howard, begging for a grant?
Looking for the pot of gold at the end of the rainbow?
Raising your taxes, tax your income, tax your home, tax your car, tax your education, tax your food, tax your air is how they plan on paying for all these pensions. You are a fool if you vote to raise ANY taxes. You are a FOOL if you believe any of the tax increases that pass will go to what they stated the tax is for. IT WONT. It will go straight to the pension fund and then when election cycle comes around again, the same fools will vote AGAIN TO RAISE TAXES. Fools. And, the poor people are used as a pawn so you feel sorry for them. Pfft!
The pot of gold will be just that, pot. A cannabis club/pharmacy here in Pacifica would generate sick amounts of tax revenues!
Card room, brothels and strip clubs all along Palmetto. Downtown baby!
Bray
That's all we need is you and Ian, stoned more often!
You two are dangerous enough without the hippie weed!
When you are alone and life is making you lonely
You can always go downtown
Tod and Ian will be eating brownies
Dowtown....
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