What feedback do you have on the City’s plan to address pension costs?
Like 3,000 other member agencies in CalPERS, the City is facing significant financial challenges ahead due to increased pension costs. In San Luis Obispo, CalPERS costs will more than double in 10 years, from $7.8 million in 2014-15 to $19 million in 2024-25. The City is legally required to meet the CalPERS costs, and the Fiscal Health Response Plan will detail the path forward to offset the CalPERS increases and close the gap, which is projected at $8.9 million in the General Fund & Enterprise Funds over the next three years.
What feedback do you have on the City's plan to address pension costs?
We are seeking community feedbacks and ideas in developing a plan to address the pension problem. Specifically, we would like your thoughts on the following components, and your ideas about additional workable solutions. There is no single solution to this financial challenge and City Council will consider several components in developing the Fiscal Health Response Plan. Those components could include some or all of the following, depending on Council direction December 12.
- New ways of doing business
- Operational reductions
- Revenue options
- Employee concessions
Where can I find more information?
Visit www.slocity.org/fiscalhealth for background information and ongoing updates.