Trimming pension costs
Does the city need to take further action in trim pension costs? If so, what actions do you support? If not, why not?
Rising pension costs are a critical issue for Los Angeles and must be monitored aggressively. The Mayor’s 2014-2015 Budget offers several solutions that I support. The Mayor’s Budget reports and incorporates higher than anticipated growth in City revenue sources such as Property Tax, Documentary Transfer Tax, and Transient Occupancy Tax and projected savings in pensions and benefit costs due to higher than anticipated investment earnings in the pension funds and lower than projected costs for human resources benefits. In addition, we will need to continue to study and implement revenue generation ideas proposed by the CORE Commission, led by Ron Galperin prior to election as Los Angeles City Controller. To address the $300M shortfall we must have continued efforts to contain the cost of the major contributor to the deficit, personnel cost e.g. Salary, pensions, worker comp, and medical costs.
If elected, I propose that the Council work closely with the Mayor to find common ground so that we continue to grow the City’s economy. I will be pushing to ensure that the 8th Council District gets its fair share of resources, however, I believe a focus on building a fiscally strong local economy will strengthen the City overall.