Former Santa Barbara Board of Supervisors Stoker and Firestone have there Nerve, based on the actions of the past performance of the SBCERS pension fund while on there watch.

 Wow Santa Barbara has a new scare word and it seems to be working. I am so used to the word" Gang" or phrase "alleged Gang member" being used to incite panic in Santa Barbara. That I almost did not notice that a switch had been made. "Pension" seems to be the new trigger word and it is just another political ploy to create confusion and avoid responsibility for our financial mess. Are you telling me that two former Santa Barbara board of Supervisors Mike Stoker and Brooks Firestone are placing the blame on the laps of the current board members? That takes a lot of nerve based on how much "excess returns" were in fact pulled from the fund while Stoker and Firestone had the watch. The data below speaks for it's self and there are captions to go with every picture.

http://www.keyt.com/news/local/Pension-Protest-Gathers-Crowd-116196214.html
 Pension Protest Gathers Crowd

KEYT Anchor Story Created: Feb 14, 2011 at 3:57 PM PST

Santa Barbara - Several dozen people gathered on the steps of the Santa Barbara County Administration around 11 this morning. Some held signs, other simply listened, as demonstrators and speakers voiced opposition to what they say is an unfair increase in salaries, pensions and benefits being given to county employees. They cite an estimated deficit of $55 million dollars in the general fund budget and project pension costs will account for approximately one-third of the fiscal budget. An advisory commission set up to look into the county's pension issues recently put out a report showing Santa Barbara will have to put out $21 million dollars more this year in retirement expenses compared to last year. (Which is it 55 or 21 million dollars)

This report will be debated at Tuesday's Board of Supervisor's meeting.

Why it was just last year that board member Joni Gray had this to say while dealing with the budget deficit ” Gray said, actually using four words to initially describe her cryptic message. “Bus, bridge, and Ponzi scheme.” see for yourself.

Thursday, June 17, 2010
By Chris Meagher (Contact)
Article Tool

Fourth District Supervisor Joni Gray blasted the Santa Barbara County Board of Supervisors majority Friday as the quintet conducted their final deliberations on what to cut for the 2010-2011 fiscal year’s $833-million budget they were finalizing to go into effect July 1

“I’d like all of you to leave this hearing with three words,” Gray said, actually using four words to initially describe her cryptic message. “Bus, bridge, and Ponzi scheme.”

She continued, “I feel like I’m speeding down a highway in a bus and there’s a sign that says, in half-a-mile the bridge is out,’ and yet nothing is being done to stop this bus.” While people everywhere are cutting back, she said, the board was “not taking their foot off the gas.” Gray then addressed her Ponzi scheme comment, saying the board was moving money “here and there,” even making reference to Bernie Madoff. “You’re all very bright and well-meaning, but I cannot support this bus going off the bridge,” she said.


Click on any picture below and it will open up to it's own window if you are viewing this @ www.santabarbaracriminalcourtcorruption.blogspot.com

Please review the the last two columns on the far right bottom. They asked the taxpayers for over 300 million dollars for amortization payments and than needed just over 200 million. What happen to the savings. The question is can we really trust the Board of Supervisors to tell us the truth? That savings alone should be able to offset any short fall the budget will have in 2011.

In this chart we see that the SBCERS pension fund was reported as  being 61% funded on 12/31/90.  Well than please review the next chart that says for the ten years leading up to and the ten years after 12/31/90 the SBCERS pension fund investments returned a 20 year average of 11.4% annually. HOW COULD THE SBCERS PENSION FUND HAVE BEEN ONLY 61% FUNDED WITH IT'S INVESTMENTS PERFORMING AT 11.4% ON 12/90?

THEIS CHART REFLECTS A WELL FUNDED PENSION PLAN FOR A FULL 20 YEARS WHICH ALLOWED 180 MILLION DOLLARS  IN "EXCESS RETURNS "TO BE PULLED IN THE YEAR 1999.

THIS GRAPH SJHOWS THAT SINCE 1942 THE SBCERS PENSION FUND HAS ALLOWS  HAD A POSITIVE RETURN. WHICH LEADS US BACK TO CHART NUMBER 2. HOW IS IT POSSIBLE TO HAVE A 61% FUNDED RATIO BASED ON THE DATA OF THESE LAST TWO PICTURES?

An advisory commission set up to look into the county's pension issues recently put out a report showing Santa Barbara will have to put out $21 million dollars more this year in retirement expenses compared to  last year.HOW IS AN ADDITIONAL 21 MILLION DOLLARS THIS YEAR GOING TO HELP WITH A BILLION DOLLARS UNFUNDED FUTURE LIABILITY? THESE LAST 3 CHARTS REFLECT A BEST CASE SCENARIO AND ALL OF THEM HAVE THE TAXPAYERS PAYING EXTRA INTO THE FUND UNTIL 2028?