FOR IMMEDIATE RELEASE: Thursday, April 7, 2016
Contact Amanda Smith (714) 662-6050, firstname.lastname@example.org
Public Employee Unions Vow to Kill the California Financial Transparency Act
Unions say informing voters sets “a bad precedent,” provides “superfluous information” and “convolutes issues”
(Sacramento, CA) – California has over $250 billion in debt and unfunded liabilities, most of which is state public employee pension costs.
That’s why public employee unions are working to kill SB 1251 (Moorlach), which establishes the California Financial Transparency Act and requires the state’s financial data to be printed in the voter information pamphlet.
Opposition letters from unions have been pouring in, claiming this is “superfluous information” that “convolutes issues” and creates “unnecessary confusion for voters,” and that providing such information “sets a bad policy precedent.”
What the unions really are saying is they don’t want voters knowing just how badly union control in Sacramento has run the state into debt. Here is the data proposed to be printed in the state voter information pamphlet:
State Budget Fiscal Year 2014-15
- Revenue $ 246.8 billion (CAFR)
- Expenditures 271.3 billion (CAFR)
- Unrestricted net assets/deficit (-169.0 billion) (CAFR)
Current State Debts
- Unfunded pension liabilities $ 180.0 billion (CalPERS, CAFR, UC)
- Unfunded retiree medical 74.2 billion (CAFR)
- Infrastructure deficit 77.0 billion (DOF)
- Outstanding bond debt 82.0 billion (CAFR)
More information on SB 1251 can be found HERE.
About Senator John Moorlach (R-Costa Mesa):
State Senator John Moorlach represents the 37th District of California, is a trained Certified Financial Planner and is the only CPA in the California State Senate. He gained national attention 20 years ago when he was appointed Orange County Treasurer-Tax Collector and helped the County recover from its bankruptcy filing – at the time the largest municipal bankruptcy in U.S. History.