Part of the drive for higher and higher public benefits stems from the fact that housing affordability in our coastal zones is a chronic problem.
Pensions are a vital part of compensation and serve as an asset to local governments.
The big fact that public employee unions don’t mention when they tout the safety of pensions is that when the pension fund loses money, you — the taxpayers — have to make up the difference.
Santa Barbara County is edging closer to an economic development strategy. At least that was our takeaway after sitting in on the “Morality of Prosperity,” the name for this year’s action summit put on by the Santa Barbara County Technology & Industry Association.
Despite dire warnings that future pension costs could cause a fiscal meltdown for tri-county governments, credit ratings for Santa Barbara, Ventura and San Luis Obispo county bonds remain mostly unaffected by looming gaps in their retirement obligation funding.
Standard & Poor’s, a leading rating agency, ranks all three counties near the top of a scale that spans from its highest AAA to C, the lowest rating a bond can have without defaulting. Santa Barbara County carries the agency’s second highest AA-plus designation. Ventura County is assigned a slightly lower AA-rating this year and SLO County is ranked AA-minus.
He will have a lot more success settling with the county or dropping his complaint.
The article headlined “Ex VC sheriff sues for supplemental pension” in your Oct. 18 issue got my blood boiling, as I am sure it did with many of your readers.