Tag Archives: Mark Orme needs to go

No on Measure E; and there will be a quiz later today about that Finance Committe meeting!

16 Oct

Wow, who would have guessed Measure E – city council districts – would be such a hot topic. Looking at the stats the last week or so, that’s what people have been hitting – “Measure E – Divide and Conquer”.

In the music business, they would call that a “throwaway piece.” I was just annoyed and frustrated over the response I got from the city clerk when I asked about this measure. The clerk is like a sphinx, you could know her 30 years, and I almost have, and never know what’s on her mind. She states the facts, she answers a question as you ask it. Never opines. But, this time she seemed genuinely confused – it’s a stupid measure. And it makes a person think, council pulled a fast one – like the cell phone tax they collected illegally for years – and they need the public to approve it.

I hope that’s what other people are thinking, and I hope it fails. Districts are not only unnecessary, they are a ploy by both the liberals and the conservatives, who both seem to think they can manipulate this system.

Prepare to be manipulated!

And if somebody feels like emailing city finance man Scott Dowell, scott.dowell@chicoca.gov, they could ask him how much it is going to cost to REDRAW THE DISTRICTS after the upcoming CENSUS.

I’m also shocked to see how interested people are in the school board race. I’m sure glad, and I’m sorry I don’t have anything better to offer than “vote for people who aren’t/haven’t ever been school district employees”, but that’s my story, and I’m standing by it.

But I’m sincerely grateful to those of you who have downloaded and watched the video I posted –

https://gofile.io/d/zqp5BI

with big THANKS to DAVE for that link. Since I posted that last Friday, almost 100 people have seen it, and, as committee member Sean Morgan agreed, that’s a helluva lot more people than actually attend those meetings.

So, after I finish my chores this morning, I’m going to make a QUIZ! We all love a quiz, don’t we? I’ll try to make it good and tough. And yeah, I’ll probably allow cheating. The teachers I learned the most from were the ones who allowed open book/notes tests. And that’s the point here, I want more people to see how the city operates behind closed doors.

Another hair-brained scheme from Orme and Constantin – Finance Committee to discuss leasing our streets to pay the pension deficit. No, I’m not joking.

21 Sep

This Wednesday the city Finance Committee will be discussing the Unfunded Pension Liability. The agenda says they plan to “restructure,” but you know, the real dirt is in the reports, available at this link. 

https://chico.ca.us/sites/main/files/file-attachments/9-23-20_finance_committee_agenda_packet.pdf?1600381637

So, I wrote a letter to the paper about it yesterday. We’ll see if Speed Wolcott (if he’s even in town) can get it in before the meeting! 

Chico Finance Committee meets this week (9/23) to discuss “restructuring” the $146,000,000 pension deficit. Topics include a Pension Obligation Bond and “lease revenue bonds”.

Pension obligation bonds (POBs) are taxable bonds used to fund the unfunded portion of pension liabilities with borrowed money.  The presumption is that investments will pay the debt service. However, as with CalPERS, failure to achieve the targeted rate of return means the taxpayer is stuck with the debt service on the bonds.  And, we’re still stuck with the pension deficit. POB’s are a jump out of the frying pan, into the fire.

“Lease revenue bonds” involve municipalities issuing bonds (borrowing money) using their own city streets or buildings as collateral to pay down their unfunded pension liabilities. From the 9/23 agenda: “A lease revenue bond structure (leased asset required, such as streets or buildings) would avoid validation process [meaning, the voters] and could proceed on quicker schedule.”

Essentially, a city leases their streets to a special Financing Authority, which will pay the city their up-front money, and “rent” the streets back to the city, in order to pay off the bonds. (Forbes)

And the taxpayers pay the “rent”.  “The municipality will generally appropriate money during each budget session to meet the lease [rent] payment.” (Forbes) These appropriations come at the cost of public safety and infrastructure.

Lease revenue bonds are essentially pension obligation bonds, but can “proceed on quicker schedule” because there’s no voter approval.

A real solution for the pension crisis – ask employees to pay more.

Juanita Sumner, Chico CA