The city of St. Helena expects to save millions of dollars in the long run by accelerating the paydown of its unfunded pension liabilities.
The City Council agreed in 2018 to make a bigger payment to the California Public Employees’ Retirement System (CalPERS). On Tuesday, the council resolved to make additional lump sum payments on an annual basis, paying down its unfunded liabilities on a 15-year amortization schedule rather than a 30-year schedule.
In the 2020-2021 fiscal year, the city will pay $1.1 million to CalPERS, about $86,000 more than it would have paid under the old schedule.
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Paying more each year will save the city between $2.6 million and $3.1 million in long-term interest payments.
“The cost savings is significant,” Councilmember David Knudsen said.
Jesse Duarte's 5 memorable stories of 2019
Here are some of my favorite stories from the past year. They each got positive feedback, and they were a lot of fun to write.
Juan Sanchez is a local legend for his running exploits, but most people didn't know he was an illegal immigrant. It was a pleasure to intervi…
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Some stories are fun to cover and some are fun to write. This story, about a St. Helena Police Department crosswalk sting, was both.
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