The Redlands adopted 2012-13 Budget and the 2011 Continuing Disclosure Annual Report are posted below.
The 2012-2013 budget does not reflect the $3 million plus interfund loans for the defunct redevelopment agency. Examine the outstanding interfund loans plus the recent redevelopment loans which makes the reserve funds look more and more suspect. Do we really have a reserve or is it a deficit?
The 2011 Disclosure document is an interesting document. On page 72 of the report, pension and benefit liaibilities are discussed and unfunded liability shown from 2008-2010. The unfunded liability as a percent of payroll contribution increased from 20% in 2008 to 64% in 2010. So given the miserable returns at Calpers far below the assumed 7.75% returns and two more years, we can probably assume that this situation has only become worse. Redlands already has taxable pension bonds at 5.233% interest issued for $24,830,000.
Hopefully people will start looking at Redlands financial reality with a critical eye. So please take time to look at the Budget and examine the finances. Hold staff and council accountable since they approved the budget. Ask questions before the elections.