This article clearly reflects the fact that 'tweaking' the pension debt crisis through the lowering of return rate assumptions, the raising of taxes, pension obligation bonds, or increased contribution rates will not stop the bleeding. Yet these methods are used by our governments on a regular basis.
CLICK HERE TO READ THE ARTICLE by Lance Roberts - Chief Portfolio Strategist/Economist for Clarity Financial
You witness this with school parcel taxes, gas taxes, special district rate and tax increases throughout Marin County and the state. . MMWD has instituted a series of rate hikes, blaming much of it on users water conservation efforts!
Last Tuesday the Board of Supervisors 'considered' a new garbage rate hike the Marin Sanitary Service. At the same meeting, the Department of Public Works requested a hearing from the Transportation Authority of Marin (TAM) regarding The Measure A Transportation Sales Tax and the "Proposed Draft Transportation Sales Tax Renewal Expenditure Plan".
And now to vent: I attended that meeting and would like to point out how our County representatives view both the public's time and concerns, as evidenced by this meeting.
The TAM hearing was scheduled on the agenda for approximately !0:15 AM. The Marin Sanitary rate hike was scheduled for 10:30 AM. Both were heard at approximately 12 PM - 12:30 PM. I was parked in a 2 hour parking space but decided to wait it out even though I might get a ticket.
What delayed these important taxpayer subjects? First, a poetry reading and the Employee of the Month Award. Then came a long, long line of people asking for a share of Cycle 2 of the Community Services Grant Program (aka the Slush Fund). Following this was a very brief run through the 'consent calendar'. And finally, a resolution by Supervisors Sears & Rodoni to declare May as "International Migratory Bird Day", with children posing for photos with the two supervisors.
If your supervisors considered your interests and your time of value, these initial time-consuming items should have been scheduled for either later in the day or at a separate meeting. Marin citizens, the Marin Independent Journal and the Marin County Civil Grand Jury have disparaged the slush fund for years, noting that Marin County is the only county in the state to have such a 'fund', so to have it take up valuable time at a meeting is a further insult.
I think you will find this article of value in explaining why the pension crisis is indeed worse than you - and, evidently, our elected officials - think.