Saturday, July 21, 2018

The City of Sierra Madre Is Preparing A $5 Million Dollar CalPERS "Lump Sum Prepayment"

The City of Sierra Madre might not be able to afford to make repairs to its Library building without first establishing a parcel tax, or fund the necessary legal campaign to protect itself from predatory mansionization, but put together a $5 million dollar "lump sum prepayment" to CalPERS to ensure its employees of carefree and rewarding retirement years?

Apparently the money is there and that would not be a problem. Here is how this news reads in the Staff Report for Tuesday's City Council meeting.


In case you have ever wondered about such a thing, the City of Sierra Madre owes an incredible amount of money to CalPERS. Something to the tune of $28.5 million big ones, with $14.9 million of that in interest payments alone. Just in case you're wondering why the city cannot afford to buy nice things.


The hilarious part of this is that by making a $5 million dollar prepayment on its vast CalPERS debt, a non negotiable financial obligation that could at one point actually threaten the solvency of Sierra Madre's government agency, the city would actually be putting itself into the position of saving some money.

You might recall the old XTC song, "We're Only Making Plans for Nigel." Kind of reminds me of that somehow. Here is a link.

All of which could make you wonder this. Does City Hall exist to take care of the needs of the residents of the Foothill Village, or merely see to the requirements of those working there?

Apparently the correct answer is the latter one. A link to all of this exciting news is found here.

sierramadretattler.blogspot.com

60 comments:

  1. Just send CalPER's a IOU and be done with it.

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  2. Couldn't we just sign the back of the title to the library property and send it to them? Does anyone know the number of first born children living in Sierra Madre?

    ReplyDelete
    Replies
    1. I was a first born child born in 1953. Will I count?

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    2. You will need to report to city hall for transporting.

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    3. First you have to fill out the pepper work.

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  3. Incredible. I wish Arcadia had someone like the mod to investigate and report similarly on its financial health. Probably even more jacked up considering Arcadia govt inflated salaries for 60 years.

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  4. Some of the same people that want to move the library are also responsible for the CalPERS debt, interest only water bond financing that has cost millions of dollars, and the One Carter and Downtown Specific Plan disasters.

    What could possibly go wrong?

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  5. I want the CC to explain why we can’t get out of this program. It seems we’re paying way more than what is warranted for the employees we have.

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    Replies
    1. CalPers sold a box of rocks when the program started. It made interest rate assumptions that were too high. When the earnings did not meet their projections, the cities had to fork over more money to cover the shortfall. All govt employees should be part of the SS system.

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    2. Many CalPERS members are part of the SS system and have 457 accounts!

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    3. Hear that? 11:35 just caused heads to explode throughout Sierra Madre.

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  6. Nigel needs a retirement condo. Can't you find it in your heart to help?

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    Replies
    1. A tent under a freeway overpass isn't enough?

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    2. Nigel reminds me just how awful 80s music was. (Yes, I know Nigel is from '79.)

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  7. Just another example of endless big government spending away your hard earned tax dollars.

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  8. Another example of how twofaced cops smile at us to our faces, yet rob us behind our backs. Why are these Golden Pensions not doled out to employees in the private sector. Even federal government employees don't get these ridiculous pensions offered by CalPERS. I’ve been to city council meetings (not Sierra Madre; but neighboring city) during which police, backed by their police union, intimidate their local politicians into more ridiculous benefits.

    It’s amazing how many cops feel grossly entitled to benefits under the guise of “public safety” or “serving our communities.” Excessive police compensation is a sham – and I wonder whether excessive police pay is a House of Card.

    Overpaid cops is police brutality... financial brutality. Open your eyes, open your minds. We're all being duped.

    ReplyDelete
  9. New City Sales Tax Measure Approved for November Ballot
    http://www.pasadenanow.com/main/new-city-sales-tax-measure-approved-for-november-ballot/#.W1NjhS2ZNsM

    I'd say they'll be doing this soon in Sierra Madre, but nobody sells much here.

    ReplyDelete
    Replies
    1. Glendale and Burbank voted to place sales tax measures on the ballot on Tuesday. If a city imposes sales tax they keep 100% of the money. If they wait for the county to impose a sales tax they are lucky if the county returns 17%. In the case of Measure H (the county's homeless sales tax) the county extracts $7,000,000 in Pasadena-based sales tax and returns only $750,000 to Pasadena. Under state law the sales tax can't be higher than 10.25%. If Pasadena waits for the county to take it to the limit (which it may do in 2020) then the county will take it. Pasadena and Glendale and Burbank are racing to beat the county (like Long Beach did).

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  10. Some how Sierra Madre ended up with a great 'weed' manager from Colorado so let him do his thing and get going collecting that tax money from this enterprise ASAP.

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    Replies
    1. True. Gabe has invaluable hands on experience running a city with a pot based economy. He balanced the Trinidad CO budget and repaired their broken water system. Time to take off the shackles and put him to work. I will support the $9 million library rebuild if it is paid for by taxes raised through the sale of cannabis. I will also attend the Friends of the Library bud tastings.

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    2. Mr. Engeland has a unique skill set.

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    3. Monastery property----->dog track + card room + small grow/retail facility = $$$$$$$ for SM

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  11. Do we know how much of that Calpers prepayment comes from Measure UUT funds?

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    Replies
    1. As much as they want.

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    2. More than has gone to the Library.

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  12. The net liability to CALPERS is 13.6 million. The interest happens over time if it isn't paid.

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    Replies
    1. Right. Which becomes the selling point for spending that $5 million.

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    2. Funny how that works.

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  13. No big deal, just the Trump administration sending $200 million in military aid to Ukraine
    https://twitchy.com/gregp-3534/2018/07/21/no-big-deal-just-the-trump-administration-sending-200-million-in-military-aid-to-ukraine/?utm_campaign=twitchywidget

    Because Trump is Putin's puppet right?

    ReplyDelete
    Replies
    1. It's good to see he is reacting to criticism. But $200 million? Chickenfeed.

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    2. Twitchy is run by Michelle Malkin, a right wing nut and repeat Hannity guest. You might as well call Twitchy.com Russian state propaganda.

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    3. So 11:48 is claiming that Russian Asset Trump ("RAT") did not cede Crimea to Russian Asset Handler Putin ("RAHP")?

      Maybe 11:48 will help us by citing a source confirming that RAT is currently demanding that RAHP get out of Crimea.

      He can't because RAT is all RAHPed up.

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    4. S.O.T. - Sick Of Traitors.

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    5. Donald Trump's personal lawyer, Michael Cohen, received a secret payment of at least $400,000 (£300,000) to fix talks between the Ukrainian president and President Trump, according to sources in Kiev close to those involved.

      The payment was arranged by intermediaries acting for Ukraine's leader, Petro Poroshenko, the sources said, though Mr Cohen was not registered as a representative of Ukraine as required by US law.

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  14. Never, ever thought it would be this difficult to get rid of traitors.

    The GOP leadership realizes there's far too much money to be made by being accessories to treason, so they collude and lie to their base, which is primarily composed of ignorant, bleating, easily tricked fools who can always be counted on to vote against their own interests.

    The GOP at least used to stand for a strong USA--not anymore.

    ReplyDelete
    Replies
    1. GOP has long faked strong USA to appease masses but really was exploiting them for profit.

      Delete
  15. Time To file BANKRUPTCY FOR SIERRA MADRE.

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  16. So this City Council just handed out wage increases to all employees.
    Get out of CalPERS.
    Fire all employees and then rehire under different retirement system.
    The City will be on the hook to pay off CalPERS up until the days worked and until termination of employees.
    Problem solved.
    We hear that "we" are stuck with CalPERS, BS, the Council must ban together with other Cities and push back against Sacremento.
    If not, than the scam is being played out on the residents in town and this City Council is promoting the end of Sierra Madre.

    ReplyDelete
  17. I know it’s a weekend. But for all you Trump bathers....the same thing is going on in your city. What do you do about it? It starts here, folks. If you want change, start here.

    ReplyDelete
  18. 2:50pm we can start with target practice, how bout you holding the bullseye?

    ReplyDelete
    Replies
    1. Nothing like an anonymous threat of violence to round out your day.

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    2. Always with the complaints.

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  19. What are Trump bathers anyway? Sounds disgusting.

    ReplyDelete
    Replies
    1. Swamp swimmers. Only their eyes and snouts are visible.

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    2. It’s all on the peepee tape

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    3. You mean the Nothing Burger.

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    4. Nothing Burger with a Juicy Impeachment Topping. Yummy!

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  20. Reports suggest Wikileaks founder Julian Assange may soon be a guest of the US Marshall Service. Robert Mueller may be hosting a get together for him, too.

    ReplyDelete
    Replies
    1. Yes I heard a news report that he may be extradited to USA where he is wanted for nothing? Odd....

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  21. 4:26pm not a Sierra Madre resident. Can not remain on topic and has zilch to add from the Tattler posting of the dilemma the City Council has gotten the town into.

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    Replies
    1. Here ya go 5:12. Pay the $5 million to CalPERS. If borrowing will result in a lower interest rate than the CalPERS interest rate, borrow the money and pay CalPERSs. Parcel tax for library. Done.

      Now back to Russian Asset Trump.

      Delete
    2. Can bone spurs keep you out of prison?

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  22. Five Million dollars for the Library.
    Fibe Million dollars for CalPers.
    Will the Council send out another mailer?

    ReplyDelete
    Replies
    1. $6 million for pipes. Same meeting. Expensive repairing all that damage.

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  23. CalPERS: Because our public “servants” deserve to live lives of retirement luxury. Google “First Amendment Audit” in YouTube — or read the local paper — and you’ll see that Police Are The New Criminal.

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  24. What's so new about the police being criminals? All persons of color and lower social fortune have known that for a long long time.

    ReplyDelete
    Replies
    1. I'm a person of color? Personally, I've known that cops were thugs for a while now.

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    2. How about that Trader Joe tragedy? BlueISIS cops were quick to take credit; but now it looks like the only person murdered, the manager, was killed by a police officer. Everyone is quick to throw praise and call cops "heroes." Yet no one asked whether it was necessary for police to escalate the situation into a high speed pursuit, leading to cops firing shots (murdering the manager), then leading to a hostage situation.

      Delete

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