Saturday, February 19, 2011

SBCERS Projected Payroll, UAAL and Employer Contributions Alternative 4 from 2009.

 SBCERS Projected Payroll, UAAL and Employer Contributions Alternative 4, What a bleek out look for Santa Barbara tax payers. We are a Billion dollars under funded and will still be a Billion under funded in 2028. You see the current Board of Supervisors would have you think you are up to date but there not being truthful.
  Well as luck would have it I just caught the tail end of some one being sworn in as the new Santa Barbara city councilman. Of course that happen only after I had flipped from the news channel that said our city charter was not clear on how to about filling this vacancy.The old city councilman Das Williams was just elected to a State Assemble seat so his departure is what created this void. Now the oath that the city councilman took is was what really grabbed me. You see as it turns out as a Santa Barbara city councilman you are responsible to just two things. The United States and California Constitutions, nothing more and nothing less. So than I ask myself where the hell does all the confusion come from with all our elected officials and there actions? The first question I wonder is why our elected officials where not better educated on just what to do should Das Williams have one his election? Personally I think the whole thing is a dog an pony show and something should have been put together for the public to vote on during the last election and solve any protocol confusion. Which than makes me wonder sense that was not done may we challenge in Court any of the upcoming decisions based on the pirated city councilman?This is no different than a possible open election for Superior Court judge being circumvented by the Governor. Why is it that time after time our elected officials are afraid of being elected? Now today s just "voted" in councilman really knows how to inspire confidence when his first statement after having been chosen was that even he felt he was not the most qualified candidate. Why is it elected officials seem to think they know better than us and yet we have a pension fund crisis?

Now if you saw my last posting you are aware I called into question the assets per member value that I found and I will tell you why. You see if you multiply the assets per member by the actual members for 2004. You will find that the pension fund is actually worth 1.7 Billion dollars an not the reported just under 1.4 Billion dollars. An better yet the SBCERS pension fund would exceed 100% funded. Contradiction after contradiction but even that statement is false. What we really have exposed is one crime after another that is being allowed not just by our elected officials, oh no but by all of us as well. After all we are the ones that allow the crimes and officials to go on unaccounted for!. In my mind what I see as far as how we try and solve problems in Government or from the public's stand point is we tend to start at the present and go forward. Never checking to see if the foundation that the actual problem is built on is a factual one. Because that is how I approach when should a Superior Court Judge seek reelection. Or what a pension fund value should have been in the past before I go and try to solve anything for the future. How can throwing more money be the answer to an already triple funded pension fund that has actually exceeded it's performance requirements?

Now some of you might remember a few months back I created a chart on my own reflecting what I felt the SBCERS pension fund value and LIABILITY should be based on my research.
So sometime has passed since than and I feel even more confident that I am closer to the truth than anything that the media has put out that's for sure. As always I ask that you share my postings with as many as you can but only if I have earned that favor with my hard work. Of course I believe in "Magic" but more hard work is what we need. R. Kelly has a new song out that reminds me of days gone by. I would cry in my beer about that but someone has my Oldies hint hint.

Happy Holidays to All

Larry Mendoza

                              Click on any picture and they will open up to there own window.

I start in 1989 and base my numbers on a document I found filed on Wall Street in the bond market. That document is included in this posting for your review. How do I come up with a fully over funded SBCERS pension fund that has over a BILLION DOLLARS in reserve? The pension fund obligation was formulated by starting at 225 Million and adding 8.16% percent growth per year.

Compare the value given the SBCERS pension fund value to my chart and the bond market document, why all the variances in value. Look at how our county goes about reporting year to year value to the different agencies it must file with!

The values found in my SBCERS pension chart are taken from the second paragraph found in the 1989 Bond market filing.
The picture below was presented to the Santa Barbara Board of Supervisors during the year 2009. Time to ask the Supervisors, Whats Changed?

SBCERS Projected Payroll, UAAL and Employer Contributions Alternative 4. If we leave with the current funding status look at the projected underfunded value as recently presented to the Santa Barbara Board of Supervisors. We all are in serious trouble at least until 2028 and not just in this County. California wake up we need our economy back and our children s schools properly funded. We deserve a better future than the one we are currently being promised.

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