Meeting Time: March 02, 2021 at 6:00pm PST
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Agenda Item

5.12. PENSION OBLIGATION BONDS - This item added to the 3/2/21 Council Meeting Staff is requesting approval to continue exploring the CalPERS Unfunded Accrued Liability (UAL) restructuring including a legal validation process, applicable public outreach and continued analysis. This process would take approximately four months and prepare the City should City Council decide to issue POBs in the future. (Report - Scott Dowell, Administrative Services Director)

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    Tom Daz 7 months ago

    oppose....not worth the gamble

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    Catherine Dasbach 7 months ago

    I oppose this...it is too much of a gamble.....Think of better ideas.

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    Bart Crocket 7 months ago

    As was mentioned before POBs drove Stockton and San Bernardino into bankruptcy.

    If you’re not going to reform the pensions then instead of a POB why don’t you gamble our money in the new card room you’re going to approve?

    Probably would have a better chance of success without the interest costs and expensive consulting and underwriting fees.

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    Juanita Sumner 7 months ago

    This is a tax that requires NO VOTER APPROVAL. This bond would leave taxpayers forever be on the hook for overly generous pensions. Coolidge has also proposed a sales tax increase and a road bond because the POB would bottom out all funds, allocating a percentage from each dept payroll to service the POB. Staff has failed to manage employee costs, council has agreed to unrealistic low employee contributions, creating the UAL. City employees need to pay more toward their generous benefits.

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    Jesica Giannola 7 months ago

    Did you take an employee poll to see how those affected feel about the gamble? Just curious. Minimal benefit expenses through this process please, we need to focus on affordable housing. Yup, I said it again.

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    Julie Cambridge 7 months ago

    Stop spending taxpayer money "exploring" POBs. How many times do we have to tell you POBs are a bad idea and there has not been a single comment supporting them. WE DO NOT WANT TAXPAYER MONEY PUT ON A CRAPS TABLE, END OF STORY.

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    Dave Howell 7 months ago

    The Government Finance Officers Association unequivocally states that local governments should NOT issue POBs, yet you arrogantly think you know better.

    It’s a dangerous gamble WITH OUR MONEY! And on the off chance it pays off, it WON’T make the pensions sustainable. If it doesn’t pay off it could bankrupt the city.

    The only answer is to reform city government employee compensation, especially pensions & OPEB. You will never do that because you are all beholden to the public employee unions.