These pension plans are underfunded after a bull market in stocks has doubled since it’s last peak in June 2007, and has nearly quadrupled since it’s last low in March 2009. When stocks and real estate have been running up in value for eight years, pension plans should not be underfunded. But they are. CalPERS should be overfunded at a time like this, not underfunded. That bodes ill for the financial status of CalPERS if and when stocks and real estate undergo a downward correction.
But these are not necessarily flush times, warn the liberal policy advocates who normally would be urging Brown to put the surplus into new government services.
They see two strong headwinds they expect Brown to cite when he reveals a budget that salts away revenue and avoids expensive commitments.
San Diego boosted pay between 25 percent and 30 percent for the city’s police officers on Tuesday to help solve a crisis of departing officers that has lengthened response times, limited proactive policing and ballooned overtime budgets.
The City Council unanimously approved the pay hikes, which also aim to attract recruits to the police academy. They come as the number of officers has dropped to about 1,820 — more than 10 percent below a goal of 2,040.
In addition to the libraries and recreation centers, the strike brought to a standstill street cleaning, senior centers, the hauling away of illegal dumping, fire and building inspections, parking citations, after-school programs, and the filing of non-emergency crime and traffic reports. When strong winds Monday night knocked down 15 trees and many more branches, emergency contractors were brought in to clear them, said city spokeswoman Karen Boyd.
FOUND IN: Transportation
The latest new vehicle sales data from California New Car Dealers Association shows Californians remain on track to exceed 2 million new light vehicle purchases in 2017, although sales are beginning to ease from comparable levels a year ago. Key findings from the data: