Tweet
Contra Costa County has a massive budget deficit--and it is growing.
But to get out of the hole will take a lot of effort--since the pension costs are going up 77% in seven years.
"Years of double-digit investment earnings led to the belief that generous pension benefits, notably SB 400 in 1999, could be paid for by investments with little or no need for increased contributions from employers or employees.
Now a historic market crash has punched a big hole in pension funds. Government agencies face years of increased pension contributions to make up for the losses, threatening funding for other programs."
Your county is in the same position--massive budget cuts will be needed (or higher taxes) to end the deficits--and that will not happen.
Sacramento is doing its best to keep California in a permanent Depression--and the counties are re-enforcing the need for productive people and families to leave the State.
More...
But to get out of the hole will take a lot of effort--since the pension costs are going up 77% in seven years.
"Years of double-digit investment earnings led to the belief that generous pension benefits, notably SB 400 in 1999, could be paid for by investments with little or no need for increased contributions from employers or employees.
Now a historic market crash has punched a big hole in pension funds. Government agencies face years of increased pension contributions to make up for the losses, threatening funding for other programs."
Your county is in the same position--massive budget cuts will be needed (or higher taxes) to end the deficits--and that will not happen.
Sacramento is doing its best to keep California in a permanent Depression--and the counties are re-enforcing the need for productive people and families to leave the State.
More...