Not just pensions.
Normally, California school districts don’t face financial stress when state revenues are robust. Usually that stress arises only when state revenues shrink as a result of declining stock markets. But schools in California are experiencing stress right now despite record revenues from a long bull market and a tax increase.
Our destructive county school boards went on an unjustified, and bribery driven school building program, in the face of stable student enrollment. Now they suffer interest charge risk, they are going to be dinged because they all did it at the same time. We know this from sandbox theory, right?
Whose idea was that?
A bunch of crooked, union driven mid level bureaucrats at the county level. Counties are almost always a fount of corruption, Texas has the same problem. Look at county government, you almost always find blind corruption.