Unless you are living in a cave, you probably have heard about the British vote to exit the European Union. Worldwide markets plummeted after the news. Among those negatively affected by plummeting markets are pension providers like CalPERS and their member agencies, like Stockton.
How much a city like Stockton contributes to CalPERS is directly affected by the performance of the pension provider’s investment portfolio.
That’s because CalPERS sets an expected rate of return on its investments.
If CalPERS’ investments exceed expectations, cities like Stockton have to contribute lower sums of money. If CalPERS’ investments fail to meet expectations, Stockton and other participants have to pay more to meet their pension obligations. So the Brexit news and the subsequent market dive will spell bad news for Stockton and other CalPERS participants if it continues.
Here’s what CalPERS had to say about this just now:
“SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today issued the following statement from Chief Investment Officer Ted Eliopoulos on the outcome of the British vote to leave the European Union:
“We are carefully monitoring the situation. As a long-term investor, we don’t overreact to short-term volatility but we will take appropriate steps to best protect our portfolio.
“For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS’ total fund market value currently stands at approximately $294 billion. For more information, visit www.calpers.ca.gov.”
During a June 9 meeting, several members of the committee that oversees Measure A expressed frustration with colleague and accountant Ned Leiba over his repeated calls for an audit of the public safety sales tax. The Rev. Dwight Williams, the committee’s chair, was especially perplexed. You can watch here:
But if you think Leiba is backing down, forget it. There’s a 3:30 p.m. meeting today of the City Council’s audit committee. Leiba penned this letter ahead of the meeting.
Five of the seven members of the Stockton City Council were running in election races last night, and all of them lived to fight on until November:
* Mayor Anthony Silva will be challenged by Councilman Michael Tubbs for the next four months.
*District 2 Councilman Dan Wright finished second to Steve Colangelo in district voting, and the two will now be battling for the citywide vote.
*District 4 Councilman Michael Blower’s outcome was the same as Wright’s, though his November opponent will be Susan Lenz.
*District 1 Councilman Elbert Holman finished second to Supervisor Moses Zapien, and they will meet again in November.
Tubbs beat Silva 33.5 percent to 26 percent last night. More than 40 percent of the vote went to other candidates. How those other 40 percent vote in November will determine who the next mayor is.
This is hardly uncharted territory for Silva. In 2012, incumbent Ann Johnston got 40.8 percent of the vote in the primary. Silva got 21.4 percent. Nearly 40 percent of the vote went to other candidates in the 2012 primary. In the general election, Silva beat Johnston 59.2 percent-40.8 percent.
Here are last night’s complete results from the San Joaquin County Registrar of Voters.
One would think a group that calls itself Taxpayers for Good Government would practice what it preaches in a timely fashion. In today’s paper, we reported on the PAC and its mysterious mailer bearing six Stockton political endorsements.
Taxpayers for Good Government was required to publicly disclose who paid for the mailer, what it cost, that sort of thing. You know, good government, right? Only it didn’t until yesterday, when questions were being asked — questions like, “Who the heck are you?”
Here’s the disclosure finally filed late yesterday morning at the San Joaquin County Registrar of Voters, a document from which you will learn virtually nothing. According to the Registrar of Voters, though, the Form 496 should have been filed within 24 hours of the expenditure, which the document says was made May 16.
Stockton voters approved$ the quarter-cent Measure W sales tax in 2004. It was supposed to fund40 police officers and 40 firefighters a year. As it’s turned out, it’s funding 25 of each (this is hardly breaking news, by the way).
The citizen’s commission that oversees the Measure W tax is meeting right now. Claire Tyson, the city’s deputy chief financial officer, acknowledged to the commission just now that original expectations were for “more officers than what this tax has been able to provide.”
You can view the PowerPoint being displayed at this morning’s meeting here.
As reported in today’s paper, Mayor Anthony Silva missed last week’s latest deadline for filing his campaign finance disclosure papers with the city. He finally filed late last night. So did District 6 City Council candidate Sam Fant, who also was late. District 6 candidate Gloria Allen still has not filed.
Below are the latest disclosure forms from all city candidates who were required to submit them.
Manteca Unified board member Sam Fant, who is running for the District 6 seat on the Stockton City Council, has sued Weston Ranch resident Richard Smith for defamation. You can read documents here and here.
Fant sent me a statement this morning. Here it is in its unedited entirety:
“As an elected leader in a community, I know that I can’t make everyone happy, and thus I’m not immune from criticism. It’s ok to disagree with my positions, and support opposing views. That’s what makes America great. What is not ok, is to lie and defame my character, and reputation with careless, damaging, untrue statements. To tell many people throughout our community that I would actually use physical force and violence (committ a crime) posses not only a attack on me personally, but adversely affects our community youth programs that I represent. The only recourse that is afforded to me by law, is to file suit to protect myself, and the youth organizations from someone’s negligent Act. “I feel if someone truly felt threatened, the appropriate thing to do is to notify law enforcement; as opposed to inviting someone you felt ‘threatened’ by to sit at your table for a crab feed.
“I am open to mediation to come to an amicable resolution.”
Crab feed, you ask? Fant wonders: If Smith felt so threatened, why did Smith invite Fant to a crab feed in late March? Here we come to semantics. If Fant said what Fant is accused of saying to Smith, it definitely can be characterized as a “threat.” But Smith says that even though it sounded like a threat, he never actually FELT threatened and had considered Fant a friend before all of this happened. Smith confirms that he did invite Fant to the crab feed. Fant did not attend.
Anyway, enough of all this for now.
UPDATE 11:47 a.m.: Smith now says he invited Fant to the crab feed in January, before the entire circus began.
The Council tonight will consider placing a proposed quarter-cent library/educational/recreational sales tax before voters in November. The council also will consider approving the use of $400,000 in one-time funds either for numerous recreation improvements around Stockton or for one of two possible major projects. You can view the proposals here.
Roger Phillips covers Stockton City Hall for The Record. He has been at The Record since 2006. After spending most of his time at The Record writing about education, he has moved into the city government beat. Read Full