ACTION Apartment Association - OPINION: Not Waiting for Sacramento to Tackle Pension Liability

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OPINION: Not Waiting for Sacramento to Tackle Pension Liability

OPINION: Not Waiting for Sacramento to Tackle Pension Liability

09/12/2018 9:25 AM | Margaret Fulton (Administrator)

By Rick Cole

When it comes to assets and liabilities, the City of Santa Monica has one of the strongest balance sheets among the 482 cities in California. We have consistently earned AAA (the highest) rating from all three national bond rating agencies.

So it is significant that the challenges facing CalPERS (our state’s public employee retirement system) are so stark that even Santa Monica has real cause for concern.

As City Manager, I’m responsible for submitting balanced budget recommendations to the City Council. So I’m convening a committee of 11 members to meet to understand, debate and look for answers to this sobering financial challenge.