[blake]

[quote]
States Borrow to Cover Pension Fund Shortfalls

…
This strategy could backfire if state retirement fund returns don’t rebound. Recent history isn’t encouraging: In the decade through June 2010, the nation’s biggest state retirement systems earned less than half of what they needed to keep up with pension obligations, according to a Bloomberg survey. Borrowing to pay pension benefits “is risky for a government,” says Douglas Wood, Fort Lauderdale’s director of finance. “If the market stays down and the pension systems don’t earn their fair share on their return, then over time the city has to make that up” from its general budget.
…
[/quote]

Again, who’s going to cover the pension shortfalls?

Nice to be able to invest with losses being backstopped by the taxpayers.

[blake]

New California Taxes Pay for Pensions, Not Schools

Remember, it’s all for the children! 😐

[blake]

http://wallstreetpit.com/91884-california-penion-nightmare-worsens

The California Public Employees’ Retirement System’s chief actuary says state taxpayers should increase contributions 5.7 percent, or $213 million, next year to cover the cost of pensions after record losses.

California would pay $3.7 billion, or about 4 percent of the state’s budget, for retiree benefits in the fiscal year beginning July 1, actuary Alan Milligan recommended in a report today. School districts would pay $1.2 billion. The fund’s governing board will consider the increase at a meeting May 16.
…

more @ http://www.bloomberg.com/news/2012-05-09/calpers-actuary-recommends-5-7-boost-in-california-funding-1-.html

[blake]

Spam filter won’t let me post link to the san diego dot gov page.

———————–

Winter Monitoring Period

Determining Sewer Rates

In the City of San Diego, each single-family domestic customer’s individualized flat sewer rate is based upon the amount of water used during the previous winter. This system, rather than a flat rate for all customers, more fairly apportions the costs of running the sewer system.

Every winter, primarily during the months of December through March, the City monitors the amount of water each customer uses. The winter months are when the measuring takes place because that is when the highest percentage of water used is returned to the sewer system. The City monitors your water usage during the two billing cycles, and uses the total from the cycle with the least amount of usage to calculate your sewer rate.

Once the monitoring period is finished, an individualized flat rate is figured for each customer, and that rate goes into effect the following July 1.

That rate is in effect for one year, and will be updated with new data every July 1. If you are new to a home, your sewer rate will be based on the city-wide average until a reading can take place for you during the next winter.

If you would like to know when the exact dates of your winter monitoring period, please call our Customer Services Hotline at (619) 515-3500.

———————–

So, to save money, don’t take shower from December to March and use your workplace’s bathroom for other businesses. 🙂

[blake]

[quote=sreeb]Apparently the 911 dispatcher asked Zimmerman the race of Martin. NBC edited the request out from the transcript so it looked like Zimmerman just offered up Martin’s race.[/quote]
Call transcript:

Zimmerman: This guy looks like he’s up to no good. Or he’s on drugs or something. It’s raining and he’s just walking around, looking about.

Dispatcher: OK, and this guy — is he black, white or Hispanic?

Zimmerman: He looks black.

NBC’s spliced audio version:

Zimmerman: This guy looks like he’s up to no good. He looks black.

[blake]

Here’s a leech:

…
What happened next is starkly summarized in a 1995 letter sent to Premera Blue Cross by a woman in Eastern Washington.

A few months before she gave birth that year, the woman bought an individual policy from Premera. As soon as the insurer paid her hospital expenses, the woman canceled the policy, telling Premera “we will do business with you again when we are pregnant.”

True to her word, in 1996, she bought insurance, Premera said, once again canceling after the insurer paid for the delivery of her next child.

Altogether, she paid in $1,807 in premiums. Premera paid out $7,024.68 in medical bills.

You don’t have to be a business genius to recognize the problem with those numbers when multiplied by thousands of customers.

Claims went up. Premiums rose. Pretty soon only sick people thought insurance was worth the cost. Premiums rose even more.
…

Why Washington state’s health reform faltered after loss of mandates

[blake]

CalPERS considers moves that would boost pension costs for governments

[quote]
…
In a memo to the CalPERS board, actuary Alan W. Milligan suggested lowering the assumed annual rate of return to 7.25% from 7.75%, a decade-old benchmark, as the state continues to grapple with the slow recovery from the Great Recession.

Milligan also is recommending that CalPERS, the nation’s biggest public pension fund with a value of $238.4 billion, lower its ongoing inflation assumption to 2.75% from 3%.

The effect of the two changes would raise the state government’s employee pension costs as much as 4.5% in the fiscal year that begins July 1. Some pension costs for public safety agencies could jump as much as 6.6%, according to Milligan’s report to the board.

Last year, the board rejected a more modest Milligan recommendation to lower the assumed rate of return rate to 7.5%. Members at the time were concerned about the financial effect on local governments that were struggling to pay for basic services because of declining tax revenue.
…
[/quote]

[blake]

City has over 1,300 making $100,000-plus

Source: Office of City Councilman Carl DeMaio

[blake]

[quote=briansd1]
I have a theory that politicians are cutting services first in order to “blackmail” citizens into voting for higher taxes.[/quote]
1) Announce massive school bond
2) Threaten layoff
3) Next up: Sobbing commercials on TV touting how the bond is for the kids.

Rinse & repeat every election.

[blake]

California lawmaker writes ‘Public Employees Bill of Rights’

[quote]
Requires employers exercise “preventive and corrective” actions before administering harsher employee discipline.
[/quote]
*sigh*

[blake]

[quote=EmilyHicks]With 20% down and 3.875% rate, payment of $1524 monthly is very affordable. 3 miles to Qualcomm, 6 miles to La Jolla and UCSD and the biotech clusters. Entry level Engineers can buy this.

[quote=AN][quote=bearishgurl]Fundamentally, there is no reason for a 1980’s MM tract home to cost $400K+.[/quote]
What fundamentals are you referring to? Inquiring mind like to know.[/quote][/quote]

The monthly payment is okay, but coming up with 80K down payment for entry level engineers might be a bit tough.

[blake]

Maybe he was just innocently walking along and your office got in his way. So, it’s your fault.

[blake]

Linsanity propels MSG shares to record high

Dude earned his paycheck alright.

[blake]

Standing behind the “poor” people who pay for cart full of stuff with their EBT card at the Food 4 Less I go to made me feel relatively poor.

Once in a while, you’d see an interview on TV of a “poor” family. In the background is granite kitchen counter top. Flat screen in the living room w/ an XBox 360.

[blake]

Public employee salaries are higher than reported

[Author]

Posts