Public Comment

Changes in CalPERS Policy Will Affect Berkeley City Finances

By Barbara Gilbert
Thursday April 18, 2013 - 05:42:00 PM

Yesterday CalPERS shortened the rate smoothing period. This has major implications for Berkeley's budget. Employers' rates will go up by about 50 percent. This will mean even larger cuts to the city services and higher taxes unless there are substantial changes to employee compensation and employee contribution to benefits. How are we going to fix this as well as our decaying infrastructure?