Re:Tech IPOs could be windfall for California budget
by masonic on Monday April 01, 2019 @09:02PM
(#19550075)
Calling these "voter mandated" is a serious stretch. It was the government agencies who put them on the ballots (as opposed to any voter initiative/petitioning), and it was those same government agencies who utterly lied about the fiscal effects in the ballot statements, as detailed in your own link. Quoting:
'The grand jury suggests voters may have been misled by official ballot pamphlet cost information on two of the three “significant” pension increases described in the report. A dozen retroactive retirement benefit increases between 1996 and 2008 are listed in a report appendix.
Voters were told that even with a retroactive pension increase for most employees (Proposition C in 2000) the city is not expected to make an annual payment to the retirement system “for at least the next 15 years.”
The eight-year period with no annual city payment to the retirement system, known as a “contribution holiday,” ended in 2004.
For a police and firefighter pension increase (Proposition H in 2002) voters were told that with a “large surplus” city contributions should not be needed for at least 10 years — but if needed, police and firefighters would pay “all or part” of the added cost.'
'The grand jury suggests voters may have been misled by official ballot pamphlet cost information on two of the three “significant” pension increases described in the report. A dozen retroactive retirement benefit increases between 1996 and 2008 are listed in a report appendix.
Voters were told that even with a retroactive pension increase for most employees (Proposition C in 2000) the city is not expected to make an annual payment to the retirement system “for at least the next 15 years.”
The eight-year period with no annual city payment to the retirement system, known as a “contribution holiday,” ended in 2004.
For a police and firefighter pension increase (Proposition H in 2002) voters were told that with a “large surplus” city contributions should not be needed for at least 10 years — but if needed, police and firefighters would pay “all or part” of the added cost.'