Public agencies are wrestling with unfunded pension
costs all across America. Gary Cadd, former Redding, CA,
city councillor will discuss the $597M CalPERS unfunded
pension costs facing a city of 90K residents and how
they put themselves in this position.
Attached please find
four CalPERS Annual Valuation Reports. Two are dated
July 2016 and the other two are dated July 2017. The
2016 reports cover information as of June 30, 2015, and
2017 reports cover information as of July 30, 2016.
Another words the reports are always a year or more
behind. There are two pension categories, the Safety
plan and Miscellaneous plan, the plans are over 70 pages
long and are filled with interesting information. I
would direct you to page 17 in the document to view the
Amortization plans, 30 years, 20 year and 15 year. The
thirty year plan is the more realistic plan for City of
Redding, if one can say $597M debt is realistic. If you
compare the 2015 and 2016 amounts you will find the year
to year increase was $93M and the increase next year
will be comparable.
Vint is spearheading an effot to get things moving in
the right directior for the City of Redding and Shasta
County. Vint is a "get 'er done" kind of guy for sure!
If you live in the city he wants your help on the recall
effort for two members of the city council. This will
create a special election so the citizens can vote on
the recall effort BEFORE they finish negotiating the 11
public pension contracts that will drive us further into
debt. By the time the next scheduled election comes
around the damage will already be done. Give him a call
or shoot him an email if you want more informatiion
about the recall or the Shasta County youth "flash mob"