Last night’s budget workshop showed some pretty dire forecasting. Due to exploding pension costs, especially for our good friends in “public safety” Fullerton is going to deplete its reserve funds in five years, just like other standout OC cities such as Westminster and Garden Grove and Stanton.
The “unfunded pension liability” issue has been around for years, despite the public employee union’s efforts to minimize it, but here our Director of Administrative Services, Julia James, informs the Council that the California Public Employee Retirement System (PERS) is still using happy-talk return projections. The City’s cost to pay for our fire and police Heroes is expected to double.
Hmm. Did you catch our lobbyist-councilwoman Jennifer Fitzgerald interrupt Ms. James at the 4:25 mark in a sneering attempt to downplay the crisis as bureaucratic alarmism? Fitzgerald has all sorts of selfish reasons to avoid talking doom-and-gloom, namely, she has been right there over the past four years as the S.S. Fullerton was taking on water and rather than try to plug the holes was happily drilling more. Naturally her pals in the police and fire unions are not going to want to share the pain. And James’s talk about possible revenue sources to staunch the bleeding includes a tax, which would be a likely coffin nail in SparkyFitz’s already dubious political future.