The Verdict: Fresno County Debt is unsustainable

Findings

The Fresno County Retirement Review Task Force was convened and tasked with examining the current county pension system, evaluating its viability and making recommendations for potential reforms. It has done so in full awareness of the backdrop of the nationwide municipal government pension crisis and the recent recommendations of the State of California, Little Hoover Commission’s, Public Pensions for Retirement Security Report. 

After careful examination of the current retirement plan and the study of actuarial reports, we find it is beyond the capacity of the plan to collect contributions and generate adequate investment returns to meet promised pension benefits. Between 2001 and 2010, the county’s annual pension cost has increased from $20,333,732 to 1$148,756,103, an annual growth rate of over 22%. During the same time period, overall county revenues rose from $1,055,784,614 in 2001 to $1,384,446,596, as reported by the Auditor Controller Treasurer Tax Collector, an annual growth rate of only 2.75%. Of the increased revenue during this time, over 25% was used to absorb higher retirement costs.

The country and in particular Fresno County is feeling the effects of the worst recession since the Great Depression, leading to the layoff of county employees and a reduction in county services. Available sources of revenue have declined and are projected to be flat while pension costs continue to rise. The cost of the Fresno County retirement system is unsustainable in its current form. Review Task Force

We canot fix the problem because the crooks who did this to us are hiding in the County Supervisors office!

Mug Shots of the Criminals

The one on the left is the guy who engineered the Choo Choo scam with Ray LaHood, to get Jim Costa elected to Congress.

This is the crap that Jerry Brown and the Marin County Mafia created. The Grand Jury damn near indicted these bozos, but they were saved by the Dills Act.