First County Financial Report Detailing Unfunded Pension Liability Now Online

The following is a press release from an organization unaffiliated with Voice of OC. The views expressed here are not those of Voice of OC. FOR IMMEDIATE RELEASE 
February 3, 2016                            

Contact: Eric Woolery 714-834-2457
                                                      eric.woolery@ac.ocgov.com
-or-
                                                                                    Meg Waters 714-834-2318
                                                                                    meg.waters@ac.ocgov.com
 

First County Financial Report Detailing Unfunded Pension Liability Now Online
FY 2014-15 Comprehensive Financial Accounting Report (CAFR) and OC Citizens’ Report Released
 
The Orange County Auditor-Controller released the Comprehensive Financial Accounting Report (CAFR) for fiscal year 2014-15 and the OC Citizens’ report, a companion piece written in non-technical language. According to Auditor-Controller Eric H. Woolery, “Orange County had a good fiscal year 2014-15, revenues were up, expenses were down, but the talk of the town is the new line item on the financial statements, the Net Pension Liability or NPL.”
 
Net Pension Liability (NPL)
 
The NPL is not new; the pension liability has always been reported in the footnotes to financial statements.  However, a new accounting standard issued by the Government Accounting Standards Board (GASB 68) now requires all government agencies to show their pension liability on the face of the Statement of Net Position. According to Woolery, “The NPL should not come as a shock to anyone who has been looking at the County’s financial statements. The NPL is an educated guess, made from more than 20 different factors.

A Pension Numbers Game in Costa Mesa

City leaders point to a large, unfunded pension liability as
evidence of financial problems, but they’ve been citing a figure
that’s nearly 70 percent larger than the actual amount, according
to CalPERS officials.

Newly elected Orange County Supervisor Shawn Nelson. (Photo credit: The Liberal OC)

Nelson Opts for Most Generous Pension

Orange County Supervisor finally answers the question Voice of OC has asked since his inauguration day. The answer will not make his conservative backers happy.

Newly elected Orange County Supervisor Shawn Nelson. (Photo credit: The Liberal OC)

Will Shawn Nelson Take a Pension?

The primary winner will be sworn in Tuesday morning as the newest member of the Orange County Board of Supervisors. One of his first official decisions will be whether to opt for the same kind of pension he campaigned against.