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* Based on 2019 budgeted values.

* Most items assumed to increase with inflation; 2.75% which is the 20 year historic average.

* Tax revenue assumed to increase at 4% due to the fact that Proposition 13 has caused the total assessed value to be only 60% of market value and thus as homes slowly (4% per year) sell, they are reassessed up to 100%, a 67% gain for the homes sold.

* Salaries increased per the current contract (5% for 2020 the 3% for 2021) then 3.00% (inflation plus 0.25%) thereafter.

* Retirement Costs

            - 41% of salary for newly vested benefits (“normal” cost)
            - Scheduled retirement of CCCERA pension plan underfunding ($28 million)
            - Scheduled repayment of Pension Obligation Bond
            - Funding of Pension Rate Stabilization and OPEB trusts to pay down unfunded balances of 18 years. Calculated as 43% of net funds available.

* Results:

            - Retirement plans fully funded by 2037
            - General Fund balance exceeds 50% of annual expenses by 2024
            - Significant (over $2 million per year) funds available for increased services from 2024 to 2030.
            - Very significant (over $5 million per year) funds available for increased services after 2030.

(see PDF report for years through 2038)