16% of Entire Santa Barbara Budget Goes to PENSIONS

Did you think your local tax dollars was going to basic services, libraries, streets, firefighters? Bet no one mentioned that large amount of the budget goes to just ONE item—pensions. In the case of Santa Barbara it is 16%. That does not include the health care costs and others benefits.
In one year the cost increased by 1.6%. Now you know why sales tax increases are on the ballot—the money goes to CalPERS. Not the community. You should ask your city council how much they pay to CalPERS.

SACRAMENTO, CA – JULY 21: A sign stands in front of California Public Employees’ Retirement System building July 21, 2009 in Sacramento, California. CalPERS, the state’s public employees retirement fund, reported a loss of 23.4%, its largest annual loss. (Photo by Max Whittaker/Getty Images)

City Puts Aside $20.6 Million for Retirees

Santa Barbara Independent, 6/3/19

The City of Santa Barbara allotted $20,636,405 — or 15.9 percent— of its total $129,561,865 in general funds to the California Public Employees’ Retirement System (CalPERS) for employee pensions in 2018, according to Finance Director Robert Samario. This was an increase from 14.3 percent in 2017, as part of the city’s ongoing 2016 effort to increase its contribution rates over a five-year period to reduce unfunded pension liabilities created by investment losses during the 2008 recession.

Of the $20.6 million allotted in 2018, $5,575,580 went to retired firefighters and $8,178,449 went to retired police officers. Together, employees from the two departments accrued more than half of the 2018 CalPERS funds.