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Helping Citizens Understand Mendocino County's Debt and Finances
 

Archives - Previous Editions

This is a collection of previous YourPublicMoney.Com newsletters and their related home pages.

We put out an email newsletter usually every month - more or less. At the same time we update our main "Home Page" to provide more information about topics discussed in the email newsletter.

Some of the links in the archived newsletters and home pages don't work (more so the older they are) - including links in the newsletters to the associated home page. Also images may be missing.

We might say some things a little differently today.

Archived Newsletters

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8/23/12 Click here Moody's Announces Big Changes in Government Credit Ratings System - Increased Unfunded Pension Debt - Moody's announces probable significant changes in how they will determine government credit ratings. They intend to greatly increase the assumed value of unfunded pension debt for most governments. I show projections for the impact on Mendocino County.
6/8/12 This was a special newsletter on the election - no change in the home page. Pension Reform Ballot Measures in San Jose and San Diego - Landslide Victories - Very significant pension reform measures passed in the cities of San Jose and San Diego last Tuesday by overwhelming victories. Over half of Democratic Party voters joined conservatives and many independents to impose reform. The statewide leadership of California's Democratic Party is dangerously out of touch with their voters and has subordinated itself to the incredibly myopic and self-centered public union leadership.
6/5/12 Click the individual articles to right This is a 6-page article that lays out my case for statewide reform of California County Pension Funds - the Time to Act is Now!
  1. Government Pension Organizations in California
  2. Why Local Reform Isn't Enough - Statewide Reform is Necessary
  3. The Collapse of Statewide Reform in 2012
  4. County Pension Funds in California
  5. Converging Trends Will Increase Pressure for County Pension Fund Reform
  6. The Opportunity: Make County Reform Happen and Ignite Statewide Reform
2/15/12 Oops - accidentally erased!

Coalition for Government Financial Accountability EDUCATION FUND - A large group of citizens across the political spectrum need help from financial pros who can separate financial fact from fiction and help the public understand what's true about our County's financial crisis - and what's not. This article describes our attempt to organize the Education Fund to provide this service to the public.
Also includes short video of Mendocino County Supervisor Carre Brown describing why she has no confidence in the accuracy of the Pension Fund's financial reports. Various links to hot topics over the past month.

11/21/2011 Click here 2012 - The Year of Pension Reform - Major Change is coming next year to California public pensions. Jerry Brown has proposed a 12 point pension reform plan - stronger than many critics thought it would be, probably not enough to really confront the severity of the financial threat. Californians for Pension Reform (CPR) 1 week later proposed much stronger changes. It's a 3 way poker game in 2012 - Jerry in the middle, CPR on what the left will call the right, and labor unions on what the right will call the left. Meanwhile local pension reform measures are coming from every direction.
10/4/2011 Click here Big Stick Coming to Town: IRS and Mendocino's Pension Fund - The City of San Diego's Pension Fund blew sky high in scandal several years. ago. Among others groups that investigated the IRS initiated a "Voluntary Correction Program" in 2005. They wrapped it up in January 2008. They concluded the City's Pension Fund deeply violated the Internal Revenue Code by using "Surplus Earnings" to pay retiree healthcare esp. because every dime drove the Pension Fund deeper into the hole - and the City deeper in debt.

The exact same thing happened over the past nearly 2 decades in Mendocino County. The IRS is now investigating our County's Pension Fund - the fundamental facts are the same as in San Diego. The people are going to find out our County and its Pension Fund made numerous significant violations of IRS law.
7/29/2011 Click here Major Change in Mendocino County Financial Statements Coming: Pension Expenses = NOT $10 million $50 MILLION - The rules for government accounting will change in summer 2012. They will hit Mendocino County like a ton of bricks. Flawed accounting rules in the past allowed the County to really and truly incur an average of $10 million/year pension expenses for the past 20 years without reporting it to the people. I explain the new rules and why they are absolutely necessary.
5/24/2011 Click here Most Indebted California County per Capita - Seventh Year in a Row - Basically the same results for 7 years, based on data in the State Controller's Annual Counties Report: Per Capita - most indebted, most debt payments, highest interest expense. Percent of Prop. Tax: Most consumed by interest, second most consumed by debt payments. Percent of Total Budget: Most consumed by interest and debt payments.
5/3/2011 Click here Our County's Core Financial Problems - Bad Management and the Wrong Fight, Three Levels of Financial Problems - 1) The Debt (Stop Going Deeper In Debt and the Debt We Have), 2) Deeply Flawed County Financial Management, 3) Dysfunctional County Official Financial Culture and a No Public Accountability. A Hard Time is Coming - Two Threats.
4/5/2011 Click here Two Huge Financial Threats Next Five Years - Debt Payments Double/Loss of Operating Loans: Third in a series of five describing County Debt and what to do. Focuses on the two most immediate specific threats that are likely to drive our County into insolvency within 3 to 5 years.
3/4/2011 Click here Huge Surge in Pension Payments - Budget Crisis Gets Much Worse - County Pension Fund Actuary admits major mistakes over years - County payments to Pension Fund to go from $9 million to $13 million next year - to $17 million year after.
1/17/2011 Click here New Year Edition" Part 1 - Past and Present, quick review of our County's debt, what happened in the previous year - and where we're at.
10/22/2010 Click here Why I am opposed to Mendocino County's Measure C - their proposal to raise the sales tax 1/2%.
8/10/2010 Click here Five financial time bombs are embedded in the Pension Fund will with explode each year for the next 5 years. Debt payments will double, and pension debt will officially triple.
6/16/2010 Click here Mendocino County Grand Jury Report on Retirement Assoiation highly critical; "Law were almost certainly broken, Financial crisis starts hitting public.
5/13/2010 Click here Mendocino County Retirees say they've been "Betrayed" by termination of County and Retirement Association funding of retiree healthcare.
4/8/2010 Click here Diversion of County Contributions to pay Retiree Healthcare, City of San Diego Pension Crisis
2/17/2010 Click here Financial Pros Warn County - (Debt) Time Bomb Coming, Next Year's Deficit Created by Debt
2/4/2010 Not available Upcoming County elections - June 2010, Financial Peer Group Review, Farm Bureau Report
12/3/2009 Not available Introducing "First Do No Harm" - video analysis of Mendocino County's deeply flawed financing of retiree healthcare.
9/15/2009 Not available Biggest pension deficit ever; 800 pound gorilla county is ignoring; County failing two tests; "Lies, Damn Lies, and Actuarial Statistics".
7/7/2009 Not available Line in the Sand - Supervisors to be Tested by to major debt issues; Once again - most indebted per capita in California;
6/9/2009 Not available "This is a Real Train Wreck" - Board of Supervisors Chair John Pinches; County desperate; Remember this graph when County officials say "It isn't our fault!" Third round of Pension Bonds?
4/28/2009 Not available Breaking News - Supes Learn Pension Payments to Triple in Two Years; Retirement Fund Actuary Report; More Debt next year?
3/26/2009 Not available Retirement Fund says "Dickerson's Statement is False!" - but "That Dog Don't Hunt"; Meeting with Retirement Officials - confirmed biggest cause of unfunded pensions - and - highly inaccurate and misleading retirement financial statements.
2/28/2009 Not available What YourPublicMoney.Com is trying to do; We're still waiting for the County to respond to our Mendocino County Debt Report released 5 months ago, Once again data confirms our County's Pension Fund had lowest return on investment in the state from '96 through '05; highly inaccurate Pension Fund financial statements.
1/28/2009 Not available Mendocino County Debt - Why Won't the County Face Facts?; $10 million more debt payments this summer, State Controller analyst comments on Mendo Pension Fund investment returns, How County officials failed to protect County finances; 5 main impacts of the debt.
10/27/2008 Not available Our First Newsletter - Why Your PublicMoney.Com, Mendocino County's Debt, Endorse Carre Brown and John McCowen for Supervisor - the case against Michael Delbar, California's worst performing pension fund, Flash - Unfunded Retiree Healthcare = $130 million.
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