Unfunded liability

County Finalizes 2013-14 Budget with Hearings This Week

County Executive Jeff Smith proposes a three-pronged approach to balancing the 2013-14 budget.

After 11 years of shortfalls and $2 billion of gap-closing, Santa Clara County plans to adopt a budget that maintains services and even restores some debilitating cuts. The Board of Supervisors will spend four days this week hammering out last-minute details of the $4.6 billion 2013-14 budget, which must balance a $67 million shortfall.

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Police, City to Debate Pensions at Public Arbitration Hearing

UPDATE: The city of San Jose came to an agreement on tier-2 retirement benefits with the POlice Officers Association on Thursday afternoon, avoiding Friday’s arbitration hearing.

San Jose faces a $2.9 billion unfunded liability in pension and retiree healthcare costs. The figure is mind-boggling. The city still has to figure out how to afford those unfunded obligations. But that’s another story for another time. On Friday morning, the public—for the first time—will have a chance to sit in on arbitration hearings that have been held previously behind closed doors, when the city negotiators sits across the table from San Jose’s police union.

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