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Lest We Forget: Pension Woes Worse Than Ever
WOW! Donna sticks it to, or sticks up for the voters! Guess it all depends on your position. After specifically complaining about the media twisting her proposal for tax increase way back in 2005, FRYE voted NO today all but ending the chances of the question going before the electorate in November.... Maybe FRYE and Sanders should get the act together...Sanders apparently spend the weekend convincing the School Board President to pull the Parcel Tax...looks like the voters will not have to vote for either now. FRYE said without more reforms tied to a seven year 1/2 cent sales tax she could not support it. Instead FRYE suggested we lock all the interested parties up in a a real big room until they figure out a solution or come out singing KUM-BY-YA... OK OK I made the KUMBYYA part up.— July 26, 2010 6:52 p.m.
Journal Puts Floatopia on Page One
The City Council Torpedoed the floatopia loophole today. After 45 minutes of discussion with the usual arguments, the Council voted unanimously to enact an emergency ordinance which goes into effect immediately. The City Attorney office said they defend the action should litigation be brought regarding an ordinance amending the people's vote. They original vote applied the beach and the voters were "silent" when came to the water. So this is completely different.— July 26, 2010 6:42 p.m.
Lest We Forget: Pension Woes Worse Than Ever
Don way too much revisionist history there... the record of both candidate's position in 2005 much clearer. In 2005 during a post election interview Frye said, She wasn't sure if her sales tax proposal worked against her. She added, "I always believe telling the truth is the best way to do it," she said. "If it did have a role (in the defeat), I would do it again." Earlier, in September 2005, she unveiled her "AAA fiscal-recovery plan", including calls to aggressively expand powers of the Mayor's office. It included asking voters for exclusive rights to negotiate benefit rollbacks and asking for power to take the city into bankruptcy if talks fail. The most significant piece of her plan was the “possibility” of asking voters for a temporary half-cent increase in the sales tax. Frye, choosing her words carefully, said she would not rule out a sales tax increase, but only after the city restores credibility with the public and its pension troubles. Frye stressed she would only consider a tax measure if it was tied to a specific need, such as new parks or public safety. Meanwhile Sanders accused Frye of pushing a $1.1 billion tax increase, but his own tax rhetoric was not any clearer. During the primary campaign, he indicated taxes might be a “distant option”. Saying that made him vulnerable attacks from Steve Frances who accused him, and Frye, of preparing to raise taxes if elected. Late in the primary, Sanders sought clarify, finally declaring, "No taxes." He explained he was against tax increases for the current crisis, but said, (DRUM ROLL PLEASE) taxes might be an option in the future if voters want to raise funds for things such as infrastructure repairs. Now coming up on five years later, San Diegans will, most likely, get the chance to decide if they want to tax themselves.... Yes, you're correct it may not have been her first priority, but she made a terrible tactical/political error. Especially in San Diego, one of the most tax-adverse communities in California. Oakland, Los Angeles and Sacramento collect between 38 percent and 79 percent more per capita. San Diegans walk away with more in their pockets after paying city taxes than people in every other big California city except Fresno. More specifically, the city gets 2.4 cents of every dollar of household income, about half of what Oakland and Los Angeles collect. Making matters worse, San Diego city councils have flip-flopped time and again on the question of boosting taxes -- deciding one week to put measures on the ballot to charge for trash pickup or parking at the beach, for example, only to reverse themselves a week or month later, cowed by an outraged public. If I may quote a former San Diego City executive who worked for years in the Manager's office. "San Diego has always had a champagne appetite [for services] and a beer budget [when it comes to paying for them]."— July 23, 2010 1:01 p.m.
Not Shovel-Ready!
You've obviously missed the 1st rule of government: Do as I say not as I do. And the second rule of government: We don't have to follow our rules, but you do. The Library project is ALREADY millions more than the city has in "promised" pledges or encumbered funds.— July 23, 2010 9:31 a.m.
Lest We Forget: Pension Woes Worse Than Ever
Must have been a different Billy... the most famous one was shot by the sheriff in Fort Sumner on July 14, 1881. Ruled a justifiable homicide the next day. Government was much more efficient in the good ole days.— July 22, 2010 3:14 p.m.
Lest We Forget: Pension Woes Worse Than Ever
Don that's how things were settled in the "old west", you remember, the frontier days, when you were just a young whippersnapper. Beside that, we're living in the 21st century blogosphere. We're supposed more civil, and civilized. I'd never ever hurt a puppy even if our surfpuppy isn't trained, and messes all over the house. How could anyone shoot a puppy with a screen avatar like his. While it's true our puppy is prone barking, his bites are merely love nips. With proper care and feeding puppies are easily controlled.— July 22, 2010 8:29 a.m.
Lest We Forget: Pension Woes Worse Than Ever
You're certainly welcome to read the SDCERS CAFRs for yourself. On a side note. the SDUT published a piece today, a sort of mea culpa, tongue in cheek, admission about the ballpark study being biased. http://www.signosandiego.com/news/2010/jul/21/wdo…— July 21, 2010 8:05 p.m.
Lest We Forget: Pension Woes Worse Than Ever
Puppy you really are delusional. Have you missed some of your meds? Emotional and nonsensical responses is exactly what SDCERS does not need. Long term investment planning takes discipline. Not willy-nilly diatribes about GM. According to SDCERS 2009 CAFR the system's performance put them in the top 2% of all public pension plans. (Page 2 2009 SDCERS CAFR, Investment Results) Furthermore as published in SDCERS 2008 CAFR, SDCERS earned a 16.5% return for FY07. As of June 30, 2008, SDCERS' annualized total return was +7.78% over the past three years, +10.77% over the past five years, and +7.96% over the past ten years. (2008 SDCERS CAFR, page 2, Investment Results) The actuarial assumption for investment returns for the same period was 8%. So SDCERS met the expectation. So puppy, calm.... calm.... calm, good boy.— July 21, 2010 5:48 p.m.
Suit Challenges Lid on City Workers' Healthcare Costs
Founder makes an interesting point in the comment above. The city has just approved a new library, wants a new City Hall, appears to be supporting a new Charger Stadium downtown, and hopes to expand its convention center to keep Comic Con coming to town. If the City is technically insolvent as you claim, who in their right "business" mind would want to enter into these contracts worth hundreds of millions? Who would want to risk a municipal receiver deciding what they would be paid if the city did file for bankruptcy? Yet the movers and shakers and with our ample Mayor says there's no problem other than old Malin Burnham, who once again in today's VOSD, "We need a new City Hall," said real estate mogul Malin Burnham, who ruffled feathers in October when he argued that 99 percent of voters wouldn't understand the argument for the new building." "Scott Maloni, chairman of the Downtown San Diego Partnership, estimated a successful campaign would have to cost between $300,000 and $1 million, depending if there's organized opposition to the project." 300K to one million sure would fix a lot of pot holes.— July 21, 2010 4:19 p.m.
Lest We Forget: Pension Woes Worse Than Ever
Don Don Don... your bias is showing... Cherry pick returns all you want. But at least make it apples to apples. Compare SDCERS to others public pension system returns over the same periods and SDCERS still out performs its peers, and most if not all market indices. That's why I posted the return averages for the last 20 years. It more relevant for a pension system making long term investment decisions and you know it.— July 21, 2010 4:02 p.m.