Posts Tagged ‘Measur z’

Again The Residents Are Getting Hosed By New Taxes, Not For Services, But For Public Employee Salaries and Pensions!

Our City Council adopted the budget for the next 2 years this last Tuesday June 25th.  Wanted to share with my neighbors the 5-year projections. Rough seas ahead folks. Yes, we are staring at a $17 million deficit next year, just years after passing a $50+ million additional sales tax (Measure Z), despite a booming economy.  Yes, the deficit is almost exactly the amount our City Council gave away to our public employees as part of the Partnership Compensation Model incentive that was used to bribe our unions into supporting Measure Z.  Enjoy the next year, because if we don’t reduce our personnel costs dramatically during the next 12 months (which our electeds have shown no stomach for anytime recently), City services are going to take a massive hit if we don’t drain our reserves severely. Thoughts? I think Councilman Mike Gardner needs to at least tell us what the plan is.

According to the PE, the city will spend more general fund money in the 2019-20 year than it brings in, this will be the second year of the two-year budget the Riverside City Council passed in June 2018, and the $1.2 million surplus for the year that ends this week balances out the $1.2 million deficit for the coming year.

The catastrophe according to the following document is what we see happening in 2021, 2022 and 2023, huge deficits coming!  This is all due to Public Employee Pensions folks!  What will happen next?  These deficits according to the PE, will start eating away at the City’s Reserves, as seen in the document.  Under normal conditions city officials try to keep the reserve at or above the 20% mark, but that percentage will start to decrease in the coming years.  Reserves will start decreasing below the 20% mark begining in year 4, FY 2021/22! (click to enlarge).

According to the PE, City of Riverside’s Chief Financial Officer Edward Enriquez stated the following.  “As 2022-23 goes on, projections have the city becoming “insolvent,” with almost $7.5 million more in bills than there is money to pay for it.”  This is where the taxpayers really got screwed, by the implementation of the Partnership Compensation Model (PCM).  What resident taxpayers don’t about Measure Z, is that the $50 million plus that is brought in through the increase in sales tax, is that 40% of that $50 million will be going into the wallets of public employees.  I will explain this more in the next posting.  Yep, you were hosed and tased by these employee fire and police unions.  But what is really egregious is that the Council passed and increase in our water and electricity bills, just to increase the transfer to the General Fund!  Which of course pays for overpaid public employees and their pensions.  (click to enlarge).

According to the PE,“We have some significant challenges ahead of us,” Enriquez said. “And if we don’t take additional corrective (measures) — which we have been doing this last year (with) a lot of new initiatives — we do have a lot of challenges ahead of us.”  Get ready, their are going to be more “initiatives,” that means more “measures” in order to fulfill those pensions.  Remember Measure A and Measure Z, and how public employee fire and police unions lied to the taxpayer?  And they will lie through their teeth again.  In this one example see how much money these unions placed behind Measure Z the last time.  Of course, at no benefit to the tax payer. (click to enlarge).

According to the PE, “Other councilmen, though they supported the budget, called out past spending they said was wasteful.”  Well its to late now, but don’t say we didn’t tell you so.  We told you the pension problem would hit the fan as far back as 2014.  Let’s look back at this email I received from Councilman Mike Gardner back in 2011, regarding to the Renaissance spending and corresponding future deficits. (click to enlarge).

   

This isn’t rocket science, the simple truth is that public employees are being paid to much.  Roll back pensions and salaries, we otherwise are rolling toward BK.  Don’t forget TMC told you so years ago!  Stay tuned for our next posting in couple of days: The Truth About Measure Z: The Public Salary and Pension Tax and also stay tuned for: Another Episode of the Price is Wright: The Story of Former RPU General Manager Dave Wright and City Auditor Vincent Price.  You thought you got hosed on this story, TMC will tell you how got screwed in the next!

Just wanted to thank Jason Hunter for allowing TMC to use and share his information he posted on Next Door for this posting: Riverside City Budget – On the Brink of Catastrophe

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