Numbers To Make You Smile
Today we have a bunch of numbers that may make you smile if you're concerned about the fiscal well-being of Costa Mesa.
SURPLUS 13 TIMES GREATER THAN ANTICIPATED!
In a press release today, HERE, The City announced that the fiscal year which ended June 30, 2011 the city had a $2.5 million surplus - thirteen times greater than the original estimate earlier this year. You can download the entire Consolidated Annual Financial Report (CAFR) HERE - all 163 pages of it - for all the details. This, of course, is wonderful news and it leads to all kinds of speculation about just how that money might be spent.
"DRAINING THE SWAMP"
DO SOMETHING FOR THE CITY STAFF
Hey, maybe we should do something for them!" After all, there have been no pay raises for city staffers since 2008. In fact, many have experienced a negative cash flow because they contributed more to their retirement and took enforced furlough days. Maybe we should look at ways to reward them for their diligence and loyalty in the face of turmoil and hostility over the past couple years.
KNEE JERK REACTIONS COMING...
They don't deserve a pay raise! Just look at their retirement!" That, of course is irrelevant, but you'll scream it all the same. In fact, most of the city employee units have negotiated changes and a state law that went into effect January 1st - AB 340 - reduced the rest. Go ahead - scream anyhow, if it will make you feel better.
CALPERS NUMBERS WAY, WAY UP!
And, while we're talking about it, CalPERS announced that they had the best return on their investments - 13% - since 2006! You can read about it in a Los Angeles Times article, HERE.
SPECIAL STUDY SESSION 1/29/13
The City Council will hold a special study session on Tuesday, January 29. 2013, at which the condition of our pension liability will be discussed. It will be interesting to see how these "good numbers" will be massaged and manipulated to meet certain political goals.