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Council President Todd Gloria: News From City of San Diego District Three

Council President Todd Gloria commented on a new report showing that the city's pension costs increased by $27 million largely due to the passage of Proposition B. Gloria, who opposed Proposition B due to the short-term costs, said that the city will need to continue strict fiscal discipline and possibly delay further service restorations in order to pay the increased pension obligations.

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Council President Todd Gloria: News From City of San Diego District Three

Council President Todd Gloria commented on a new report showing that the city's pension costs increased by $27 million largely due to the passage of Proposition B. Gloria, who opposed Proposition B due to the short-term costs, said that the city will need to continue strict fiscal discipline and possibly delay further service restorations in order to pay the increased pension obligations.

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© Attribution Non-Commercial (BY-NC)
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News from

Council President Todd Gloria


City of San Diego District Three
STATEMENT
For immediate release: January 11, 2013 Contact: Katie Keach, 858-245-7673

Council President Gloria Comments on Pension Bill Proposition B Caused $27 Million Increase
SAN DIEGO, CA (January 11, 2013) Council President Todd Gloria today issued a statement following the release of the Citys actuarial valuation from San Diego City Employees Retirement System (SDCERS), which is $275 million and higher than previously projected. "It's not a surprise that the City's pension bill has increased, largely due to the voters' approval of Proposition B," said Council President Todd Gloria, who chairs the Budget and Finance Committee and was a vocal opponent of Prop B because it would cost the City more money in the short term. "We have been preparing for this possibility since last June, and know that our strict fiscal discipline must continue and further service restorations may need to be placed on hold to allow for us to pay for this increased obligation." ###

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