California owes $340 Billion

The state of California is $340.7 billion in debt and while it is on track to repay much of the sum, it’s not doing anything about unfunded liabilities for teacher pensions and state retiree health care, the Legislature’s budget analyst said Wednesday. Read more here from the Sacramento Bee.

Central Basin’s secret $2.7 million fund broke law

The troubled Central Basin Municipal Water District violated the state’s open meeting laws when it created a $2.7-million fund in virtual secrecy, an investigation by the agency’s attorneys concluded. The fund, created for a groundwater storage project, was managed without public hearings or notifications, and records related to it were among those subpoenaed by federal […]

Public Pension Shortfalls Are Everyone’s Problem

The pension liabilities that helped bankrupt Detroit have cast a harsh light on similar problems in Chicago and other large American cities, adding urgency to the question of who should close the shortfall. This is a challenge that public-sector workers and retirees shouldn’t bear on their own. The public pension problem is by now well known. Detroit’s emergency […]