The City Council heard a sobering report from outside actuary John Bartel at its special meeting on Tuesday night this week. “I wore my Valentines Day tie, but that’s unfortunately the only good news I have here,” Bartel said. “Your contribution rate will not be going down. It will actually be going up in the […]
Pension liabilities
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City budget faces $1.8 million mid-year shortfall
City Manager Phil Kamlarz The City Council tonight will hear a report on mid-year budget revisions for the current fiscal year, designed to respond to a revenue shortfall of $1.8 million. According to City Manager Phil Kamlarz, planned savings are already on track for $1 million. The remaining $800,000 of the deficit will be covered […]
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Council faces tough decisions on unfunded liabilities
Mayor Bates: “People will need to start contributing.” Mayor Bates: “People will need to start contributing.” The Berkeley City Council special session on the $310 million — or higher — unfunded liability on promised employee benefits revealed the difficult choices faced by the city. A presentation by budget manager Teresa Berkeley-Simmons made the root of […]
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Special council session to consider employee benefits
City Auditor Ann-Marie Hogan The City of Berkeley’s unfunded liability for employee pension benefits will be the focus of a special City Council work session at 5:30 p.m. before the regular council meeting next Tuesday. In an email about the session, City Auditor Ann-Marie Hogan wrote, “The City Council, City Manager, and City employees will […]
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Berkeley auditor report shows $310m benefit debt
Berkeley Old City Hall. Photo: Wikimedia Commons. The city of Berkeley has an unfunded liability for promised employee benefits of $310 million — which equates to $197,000 for every full-time city employee — according to an eye-opening story by Daniel Borenstein published in the Contra Costa Times on January 8. The piece, which takes as its starting […]
