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The San Diego City Employees' Retirement System may get away with telling the Union-Tribune that it is doing relatively well, but the boasts are belied by the system's own numbers. SDCERS' report for the year ended December 31, 2008, shows a decidedly downbeat performance, with a few exceptions. For example, over the last year, the total fund (stocks, bonds, real estate, etc.) lost 26.38 percent. That puts it in the lower 38 percent of its peers. The benchmark was down a much lower 23.6 percent -- an outperformance of almost 3 percentage points. Over the last three years, SDCERS' total portfolio is down 3.07 percent, putting it in the lower 31 percent. Over five years, the fund is up 2.47 percent, putting it in the lower 58 percent. It is still doing exceedingly well over ten years, up 5.03 percent, in the top 4 percent. In last year's fourth quarter, the portfolio dropped 13 percent, beating the benchmark by half a percentage point.

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Comments

booglesthemind April 8, 2009 @ 3:58 p.m.

Just curious, why has the city not declared bankruptcy . . . yet. I work in the developmental services department (building permits etc.)and I see alot of $85,000 employees (plus benefits over $140,000), doing little to nothing all day, and believe me there is not alot of building going on in the city!), with property taxes falling, not counting 24,000 appeals for lower taxes, yet to kick in, I just do not know how the city pays its bills? I wonder if the $100,000,000 bond for sewer upgrades will be used to pay the city's day to day expenses, our department could easily lay-off half its staff and there would be no effect to the public regarding services, turn around time on permits etc. When I go out to lunch at fire station #1, I will see an occassional $165,000 fire captain holding up the side of the building, I guess they are still getting paid. Intersting, a puzzle to me, but my paychecks have not bounced, yet! and pretty much any employee around here can work overtime, (some of those meetings run a little late), somethings got to happen this year.

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SurfPuppy619 April 8, 2009 @ 4:12 p.m.

Just curious, why has the city not declared bankruptcy . . . yet.

By booglesthemind

================ Because KFC Sanders is a spinelss coward that has the backbone of a Jellyfish.

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SurfPuppy619 April 8, 2009 @ 4:15 p.m.

"...with property taxes falling, not counting 24,000 appeals for lower taxes, yet to kick in, ..."

Once all of the REO property is off the banks/lenders balance sheets and are accounted for at the 2002 property tax levels, I predict that will be the last straw for San Diego-operating expenses will exceed revenue by double digits and BK will have arrived-even if KFC Sanders is still in office.

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booglesthemind April 8, 2009 @ 6:19 p.m.

Probably, the City will float some bond measure to continue paying the day to day expenses. I would love to find out how the city spent its muli-million dollar check it got from the tabbacco company settlement.

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SurfPuppy619 April 8, 2009 @ 7:07 p.m.

Probably, the City will float some bond measure to continue paying the day to day expenses. I would love to find out how the city spent its muli-million dollar check it got from the tabbacco company settlement.

By booglesthemind

The tobacco money was for ALL city residents to enjoy-to improve the city. It was $165 million to be paid out over 20 years.

KFRC Sanders sold the annuity for $100 million minus $5 million in fees and put the entire amount into the pension fund black hole.

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Don Bauder April 8, 2009 @ 8:57 p.m.

Response to post #1: It's not simply that Sanders is spineless. He has ambitions for higher office when his mayoralty is over. Also, he may be living in a dream world. Best, Don Bauder

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Don Bauder April 8, 2009 @ 9 p.m.

Response to post #2: See response to post #1. This is a mayor with political ambitions. He has learned both as mayor and police chief that he can sit and look avuncular and people will think he is philosophical. Best, Don Bauder

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Don Bauder April 8, 2009 @ 9:02 p.m.

Response to post #3: You can be operationally bankrupt and conceal it for a long time. Best, Don Bauder

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Don Bauder April 8, 2009 @ 9:03 p.m.

Response to post #4: The most recent bond offering is essentially for maintenance, or day to day expenses. Best, Don Bauder

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Don Bauder April 8, 2009 @ 9:06 p.m.

Response to post #5: And he claims that the pension fund black hole is "the hand we were dealt." He opposed Aguirre's attempt to do something, as did the U-T and the establishment. Best, Don Bauder

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Xray April 9, 2009 @ 5:44 p.m.

Booglesthemind, why don't you resign then, maybe you are not needed either. Every little bit helps you know. In your blog entry it seems you are actually referring to yourself since you probably aren't working for free and you are collecting a pension and benefits. Please resign and do us taxpayers a favor.

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SurfPuppy619 April 9, 2009 @ 6:57 p.m.

Xray, what gov. agency do you do workfare for????

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Don Bauder April 9, 2009 @ 7:11 p.m.

Response to post #11: Maybe Booglesthemind is the one doing the work in his department. However, the point is well taken: City employees doing very little work for generous pay and benefits should resign for ethical reasons. They won't. Best, Don Bauder

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Don Bauder April 9, 2009 @ 7:13 p.m.

Response to post #12: It certainly sounds like he is a local government employee of some kind. Maybe he will tell us. Best, Don Bauder

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Kate123 April 9, 2009 @ 7:22 p.m.

I am not totally convinced that bogglesthemind works where s/he says s/he does since that's not the name of the department.

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SurfPuppy619 April 9, 2009 @ 8:19 p.m.

"I work in the developmental services department (building permits etc.)..."

By booglesthemind

I am not totally convinced that bogglesthemind works where s/he says s/he does since that's not the name of the department.

By Kate123

Sorry Kate123-but that is the name of the department, and you're dead wrong;

"Development Services Department Customer Service Mission We value and respect our customers. We are dedicated to providing you professional, caring, and timely service."

http://www.sandiego.gov/development-services/

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Kate123 April 9, 2009 @ 8:32 p.m.

Try reading what you copied "Development" vs. "developmental".

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Xray April 9, 2009 @ 9:32 p.m.

Surfpuppy, I work for the one that pay's you

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Xray April 9, 2009 @ 9:40 p.m.

I agree with Kate123 he is probably just a shill, quite possibly one of Surfpuppy's other personalities. I wish I was surfpuppy's shrink because I would make bank with the issue's he has. I do not care about Bauder though he is near the end of his life expectancy and probably too far away from EMS intervention to do any good.

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Burwell April 9, 2009 @ 10:33 p.m.

I believe that Mayor Sanders will retire from politics at the end of his term and not seek another office. His current actions in office (favors for developers, etc.) are designed to insure there will be plenty of cash to bankroll his wife Rana's political aspirations. She may try to knock off Filner, or try for a seat on the City Council. Filner does not appear to have a very strong hold on his seat in Congress.

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Don Bauder April 10, 2009 @ 8:22 a.m.

Response to post #15: Good point. I noticed that it's Development Services and not Developmental Services, but didn't bring it up because a lot of people make typos on blogs. Best, Don Bauder

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Don Bauder April 10, 2009 @ 8:23 a.m.

Response to post #16: You've got me confused, SurfPuppy. Best, Don Bauder

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Don Bauder April 10, 2009 @ 8:31 a.m.

Response to post #17: What's important is that the department was environmentally oriented until Golding changed the name to Development Services. It was a clear indication that the San Diego government was shifting from an emphasis on service to the public to service to developers who pay off politicians. It was symbolic of the U turn that San Diego made at that time: "We're here to help developers, and damn the environment, damn the people!" The personnel in Development Services, as well as at CCDC, came from the real estate development industry, rotating in and out. This mentality has remained ever since -- witness Sanders's mollycoddling of Sunroad, the Liberty Station scam, etc. Best, Don Bauder

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Don Bauder April 10, 2009 @ 8:32 a.m.

Response to post #18: If your employer pays SurfPuppy, why don't you reveal its name? Best, Don Bauder

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Don Bauder April 10, 2009 @ 8:39 a.m.

Response to post #19: SurfPuppy may have multiple identities but there is no evidence he has multiple personalities. As to me, EMS is only a couple of miles away. I'll bet you'd like to be there when I am hauled in for the last time. Best, Don Bauder

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SurfPuppy619 April 10, 2009 @ 8:42 a.m.

I wish I was surfpuppy's shrink because I would make bank with the issue's he has.

By Xray

Hey, I heard that!

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Don Bauder April 10, 2009 @ 8:44 a.m.

Response to post #20: I doubt Filner is vulnerable. Sanders has designs on a bigger office but he carries a lot of baggage that the local media aren't revealing. I can't wait until the campaign begins. Best, Don Bauder

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SurfPuppy619 April 10, 2009 @ 8:44 a.m.

I noticed that it's Development Services and not Developmental Services, but didn't bring it up because a lot of people make typos on blogs. Best, Don Bauder

By dbauder 8:22 a.m., Apr 10, 2009

Could easily have been a typo.

Heck, even I make a typo every few million words.....

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SurfPuppy619 April 10, 2009 @ 8:48 a.m.

Hey Xray-

Here is what I think about the public pension scams facing America (not just SD-and I'm substituting the names on this article and sending it to Arnold):

To Gov. Quinn (Arnold): Illinois (CA.) Taxpayers Have No Obligation to Make Public Employees Millionaires

Posted: April 07, 2009

By Bill Zettler

Gold-plated Retirement Benefits Should Be Paid for by Beneficiaries Not Taxpayers.

Governor Quinn recently suggested defusing the unfunded state employee retirement debt time bomb by raising the employee's contribution by 2%. That's like trying to raise the level of Lake Michigan by throwing a penny into it.

I have a better idea - raise their contribution by 8% and cut the debt by $50 billion or, better yet, just give every retiree a million dollars when they retire and - poof - the entire debt is gone."

http://www.championnews.net/article.php?sid=1806

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Don Bauder April 10, 2009 @ 10 a.m.

Response to post #28: Once in a few million times, SurfPuppy? This is not a complete confession. Best, Don Bauder

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Don Bauder April 10, 2009 @ 10:02 a.m.

Response to post #29: The pension problems in Illinois may be the worst in the nation -- even worse than California's and San Diego's. Best, Don Bauder

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JustWondering April 11, 2009 @ 9:44 a.m.

Come on Don where's your integrity? "SurfPuppy may have multiple identities..." MAY HAVE? Johnny has admitted in other threads to multiple identities. Now he admits to typing a few million words here too! MILLIONS! Surfpuppy, JohnnyVegas, BillyBob Henry and whatever other monikers ... he thrives on this... I believe you properly identified many, not all, of his comments, as troll verbage..

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SurfPuppy619 April 11, 2009 @ 10:21 a.m.

Come on Don where's your integrity? "SurfPuppy may have multiple identities..." MAY HAVE? Johnny has admitted in other threads to multiple identities. Now he admits to typing a few million words here too! MILLIONS! Surfpuppy, JohnnyVegas, BillyBob Henry and whatever other monikers ... he thrives on this... I believe you properly identified many, not all, of his comments, as troll verbage..

By JustWondering

JW has hurt SurfPuppy's feelings again.

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Don Bauder April 11, 2009 @ 11:48 a.m.

Response to post #33: I believe SurfPuppy said he doesn't use more than one handle at a time. That seems to be the case, although I don't see his posts elsewhere. Best, Don Bauder

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Don Bauder April 11, 2009 @ 11:50 a.m.

Response to post #33: Here's one to chew on: suppose that SurfPuppy and JW are one and the same person, attempting to generate controversy, or trolling? No, on second thought, I don't think that's possible. Best, Don Bauder

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SurfPuppy619 April 11, 2009 @ 4:14 p.m.

Here's one to chew on: suppose that SurfPuppy and JW are one and the same person, attempting to generate controversy, or trolling?

By dbauder

I've gotten so deep into JW's head I own real estate there.

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Don Bauder April 11, 2009 @ 5:12 p.m.

Response to post #36: You two have definitely gone head to head for a long time. Best, Don Bauder

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JustWondering April 12, 2009 @ 8:49 a.m.

Don If I was surfpuppy I'd be forced into a involuntary commitment under section 5150 of the California Welfare and Institutions Code. There is no doubt the character known as Surfpuppy, who is also known as JohnnyVegas and BillyBob Heny is a person who has a mental disorder, and is a danger to others, or to himself.

Johnny for your own sake, voluntarily seek the help you need. If you're unable to free yourself from your blogging addiction, can't bear to be away from your computer, or simply need a ride to our County Mental Health facility off Rosecrans, just let us know, I sure we can arranged it.

Remember recognizing denial is just the first of many steps you’ll need to take. Our prayers are with you on this glorious Eastern morning. God bless...

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Don Bauder April 12, 2009 @ 11:02 a.m.

Response to post #38: I'm sure that SurfPuppy feels better already, knowing that you and your confreres are praying for him. Be sure to pray for him. Not prey on him. Best, Don Bauder

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SurfPuppy619 April 12, 2009 @ 11:27 a.m.

Don If I was surfpuppy I'd be forced into a involuntary commitment under section 5150 of the California Welfare and Institutions Code. There is no doubt the character known as Surfpuppy, who is also known as JohnnyVegas and BillyBob Heny is a person who has a mental disorder, and is a danger to others, or to himself.

By JustWondering

The first signs of a GED welfare queen meltdown, at the hands of SurfPuppy!

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SurfPuppy619 April 12, 2009 @ 11:30 a.m.

Hey JW, when are you going to start paying me for the real estate I occupy in your mind???????????????????

You cannot evict me, I have laid claim to part of your brain!

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Don Bauder April 12, 2009 @ 5:34 p.m.

Response to post #40: We'll hear from JW on that charge. Best, Don Bauder

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Don Bauder April 12, 2009 @ 5:36 p.m.

Response to post #41: Are you sure you can't be ousted as a squatter? Best, Don Bauder

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SurfPuppy619 April 13, 2009 @ 6:30 p.m.

Response to post #41: Are you sure you can't be ousted as a squatter? Best, Don Bauder

By dbauder

I'm making an "adverse possession" claim on JW's mind.

He'll need a court order to evict me.

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JustWondering April 13, 2009 @ 6:54 p.m.

Sorry Johnny... the Kangaroo court where you practice in has no jurisdiction here.

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Xray April 13, 2009 @ 7:57 p.m.

Surfpuppy has a napoleonic complex its so obvious it's laughable. I can also tell he had his lunch money stolen a lot. He cannot operate in public so this is the little man's nirvana as a blogger.

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SurfPuppy619 April 13, 2009 @ 8:55 p.m.

Oh-Oh, now JW and Xray are tag teaming me.

PS.......... JW, the kangaroo court just granted my summary judgment motion for adverse position on part of your mind.

Pretty soon I might need to claim part of Xrays mind too by the way he obsesses over my posts!

Relax kids, this is just the internet.

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Don Bauder April 14, 2009 @ 6:55 a.m.

Response to post #44: He can challenge you in court. Then you have to prove your adverse possession claim is valid. Best, Don Bauder

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Don Bauder April 14, 2009 @ 6:59 a.m.

Response to post #45: This is fun, but I would like to hear from JW, Xray, JF et al about the mayor's proposal to get 6% pay and benefit cuts from City employees, with a small raise for police and fire workers. Best, Don Bauder

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Don Bauder April 14, 2009 @ 7:02 a.m.

Response to post #46: I prefer economic analyses to psychiatric analyses. Let's hear about these Sanders assumptions and proposals. Best, Don Bauder

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Don Bauder April 14, 2009 @ 7:04 a.m.

Response to post #47: Just the internet? I think some creative ideas are presented here. Best, Don Bauder

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JF April 14, 2009 @ 7:02 p.m.

I've heard nothing of a raise, Don. Indeed the last and final presented by the mayor included a 6.2% pay cut for firefighters. My understanding is that the mayor and union have come to a tentative agreement. However, that was the case before and the mayor renegged.

I do agree with some of the changes in the mayor's proposal. We'll see what the final proposal turns out to be. A lot of the rumors I'm hearing are fairly close to ideas I proposed to the union board. Hopefully, we can reach a good middle ground.

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SurfPuppy619 April 14, 2009 @ 11:05 p.m.

A lot of the rumors I'm hearing are fairly close to ideas I proposed to the union board. Hopefully, we can reach a good middle ground.

By JF

What ideas???

Can you share with us?

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Don Bauder April 15, 2009 @ 7:37 a.m.

Response to post #52: If you go online to the City's site, you see the discussion of a raise for fire and police employees. At the same time, the mayor is pushing for the 6% pay and benefits slash, and the council, as of this morning (April 15) appears to be going along, following a day of heated testimony yesterday. Best, Don Bauder

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JF April 15, 2009 @ 7:54 a.m.

Huh... what are the chances that the city posted mis-information on the city site to stir folks up? About the same that our union had an agreement with the city last week only to have the mayor nix it the next AM and then agree to it this week? That way he could claim that he went to impasse with all five unions.

Johnny, just read the archives here. I've posted what I feel we need to do and the cuts I'm personally willing to take. The board seems to agree with me. That's not to say that I influenced them, simply that we as a union see that we can help the city. Note that the firefighters were the first to come to an agreement...

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Don Bauder April 15, 2009 @ 8:13 a.m.

Response to post #53: Yes, we would like to hear some of those ideas. Best, Don Bauder

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SurfPuppy619 April 15, 2009 @ 5:42 p.m.

Just curious, why has the city not declared bankruptcy . . . yet.

I work in the developmental services department (building permits etc.)and I see alot of $85,000 employees (plus benefits over $140,000), doing little to nothing all day, and believe me there is not alot of building going on in the city!), with property taxes falling, not counting 24,000 appeals for lower taxes, yet to kick in, I just do not know how the city pays its bills?

By booglesthemind 3:58 p.m., Apr 8, 2009

======================

booglesthemind was a man/woman ahead of their time! Just in;

April 15, 2009

City lays off 28 development workers San Diego has laid off 28 employees in the city's Development Services Department, citing a decline in construction projects

http://weblog.signonsandiego.com/news/breaking/ut_polblog/index.html

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Don Bauder April 15, 2009 @ 8:01 p.m.

Response to post #57: It's a positive sign that the City is laying off employees who don't have much if anything to do. It is an even more positive sign that construction projects are declining. Now San Diego needs a big increase in infrastructure construction projects. Best, Don Bauder

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