City Reports Pension Expenses

The city’s finance department reported on 9/20 that for fiscal year (FY) 2016, Santa Barbara paid $24.3 million to CalPERS for employee pensions, which represents around 8 percent of the city’s total operating expenses. As of June 30, 2014, there were 999 active city employees who are members of CalPERS, and 1,182 retirees receiving benefits. During FY 2015, 45 employees retired. Their combined salaries averaged $89,065. The report was compiled as City Hall drafts its FY 2017 budget. Finance Director Robert Samario noted that CalPERS is increasing its contribution rates over a five-year period to chip away at unfunded pension liabilities created by investment losses during the 2008-2009 recession.