Columnist Teri Sforza writes that the pain is real, and you may pay more at the cash register because of it
Ballots feature a half-penny sales tax hike here, a quarter-cent sales tax hike there — which, over time, would steer billions more into city coffers.
• California cities had 311,404 worker positions in 2014, and paid $25.1 billion in salary and benefits, according to data from the state controller. Still, with interest rates at historic lows, California governments leaped with gusto into the POB pool. Cities, counties and special districts issued about $7 billion in pension obligation bonds in 2020 and 2021, the largest such issues in many years, according to a recent review by Pew.
Buena Park Finance Director Sung Hyun said that, since the city used the POB proceeds to “pay off” its unfunded liabilities with CalPERS, “as long as the discount rate at CalPERS doesn’t fall below 2.36%, this investment risk is minimized.”La Habra’s pension obligations bonds, from its annual audit
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