Time and time again, California governments have gambled with public money. Even Gov. Jerry Brown – his new state budget includes borrowing $6 billion from an obscure state reserve fund to pay down the state’s pension obligations. It assumes that borrowing costs will be more than offset by pension fund earnings – very similar to what many local governments have assumed to their everlasting regret.
Time and time again, California governments have gambled with public money. Even Gov. Jerry Brown – his new state budget includes borrowing $6 billion from an obscure state reserve fund to pay down the state’s pension obligations. It assumes that borrowing costs will be more than offset by pension fund earnings – very similar to what many local governments have assumed to their everlasting regret. Randy Pench Sacramento Bee file
Time and time again, California governments have gambled with public money. Even Gov. Jerry Brown – his new state budget includes borrowing $6 billion from an obscure state reserve fund to pay down the state’s pension obligations. It assumes that borrowing costs will be more than offset by pension fund earnings – very similar to what many local governments have assumed to their everlasting regret. Randy Pench Sacramento Bee file
Political Notebook

Political Notebook

Breaking news, insight on the Valley's political movers and shakers

Political Notebook

Officials gamble with the public’s money, and sometimes lose big

July 09, 2017 6:00 AM

  Comments  

Videos

About Political Notebook

Breaking news and insight from Bee reporters on the central San Joaquin Valley's lawmakers, movers and shakers. 'Round election time, this place really heats up.