Dickens Festival concludes with Victorian-style afternoon tea
Riverside High School to represent county in statewide mock trials contest
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Thursday, February 27-March 05, 2025
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Report: Riverside County's unfunded pension gap close to $4 billion
Discretionary revenue rising, but higher costs on horizon, says county CEO
By City News Service
By City News Service
T
he Board of Supervisors signed off on a report Tuesday showing that the Riverside County government's unfunded pension liabilities are now close to $4 billion, up more than a halfbillion dollars in the last two years, though projections are for the pension gap to narrow over the coming decade. According to the 2025 Pension Advisory Review Committee report, the county's retirement apparatus is now 75% funded, compared to 75.3% previously. The key metric reflective of a sound pension system is considered 80% funded status. The county's total unfunded pension gap is $3.94 billion, compared to $3.67 billion estimated in the 2024 report, PARC officials said. The figures are based on calculations ending in fiscal year 2022-23 — the most recent period for which confirmed data is available via the California Public Employees' Retirement System. "Based upon several factors, the long-term pension outlook remains favorable, with increases projected to peak early in the next decade," the report
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he Board of Supervisors on Tuesday made several budget adjustments based on a Riverside County Executive Office report indicating that, at the halfway point for the 2024-25 fiscal year, reserves are growing above previously estimated levels despite "escalating costs" weighing on the economy and the balance sheet of county government. The 35-page midyear budget report showed a 3% increase in discretionary revenue compared to what Executive Office staff earlier predicted would be available by this juncture. The county's reserve pool is now projected to reach $731 million, rather than $720 million, in the current fiscal year, See Budget Page 15
Public pensions in Riverside County are projected to be under 80% funded through the rest of the decade. | Image courtesy of Riverside County
stated. "The funded status is anticipated to be more than 80% within ten years, which has suffered a setback due to the negative investment returns experienced in fiscal year 2021-22. Projections will be tempered by year-to- year financial market performance." The county's current asset base supporting the pension system is $11.82 billion. The "actuarial accrued liability" is $15.76 billion. "You're never going to meet the minimum standard," Roy Bleckert of Moreno Valley told the board. "No matter how hard you
try to pedal that bicycle, the expenses just keep outpacing income. We've been hearing for decades about how you're moving money. But it's like trying to grab the last deck chair on the Titanic before it slips underwater. You never get to the point where you're above water." There are two main categories in the local pension system — safety and miscellaneous. The safety category covers sheriff's deputies, District Attorney's Office investigators, probation agents and others, while the See Pension gap Page 16
miscellaneous rolls cover clerks, custodians, nurses, social workers, technicians and remaining employees not involved in any law enforcement function. The amounts available to fund workers' nest eggs in CalPERS fluctuate with the pension system's investment performance. The most recent estimate tentatively showed a 9.3% rate of return for last year. The assumed rate of return going forward is 6.8%. In 2021-22, the investment portfolio ran a negative 6% return.
Riverside County sheriff speaks in favor of 'sanctuary city' overhaul bill By City News Service
C
alling it essential for public safety, the state Senate minority leader and other advocates, including Riverside County Sheriff Chad Bianco, unveiled a proposed overhaul of California's "sanctuary state" law Friday. Speaking at a news conference in downtown San Diego, Sen. Brian Jones, R-San Diego, said Senate Bill 554 would do two things — protect the public from "violent, felony criminal illegal immigrants," and mandate cooperation by local authorities in cases involving specific violent crimes. Jones' proposal is a response to state Senate Bill 54, passed in 2017, which limits local and state law enforcement agencies' involvement in federal immigration enforcement. See Immigration Page 32