FOR IMMEDIATE RELEASE
Sacramento, California, February 19, 2015
Contact: firstname.lastname@example.org; principal author Marc Joffe, 415-578-0558
Study Ranks San Rafael, Costa Mesa, San Jose, Richmond and Oakland Among Most Financially Distressed California Cities
The California Policy Center has released a new study analyzing how severely California’s cities are affected by their financial obligations to pension funds. The new CPC report, “California City Pension Burdens,” compiles key financial data for 459 California cities, with a focus on the impact of pensions on their financial health.
The composite funded ratio for California’s cities as of June 30, 2013 was a much improved 75%. This ratio has likely risen significantly since then, given the strong market performance over the past 18 months. Continue reading