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Saturday, Jul 13, 2024
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City Elections Get New Campaign Watchdog

City Elections Get New Campaign Watchdog

The Performance Institute, a San Diego-based government reform think tank, has filed papers to create a campaign committee to advocate “accountability, transparency and efficiency reforms” in the city of San Diego.

The committee also will oppose tax and fee increases until, it said, “real reforms” are implemented by the city’s elected leaders.

Operating under the name San Diego Citizens for Accountable Government, the committee expects to spend more than $250,000 during this election cycle.

County Pension Fund Rating Remains Strong

The county’s $5.5 billion pension fund received an AA+ rating from Standard & Poor’s recently, affirming its previous rating.

The county fund reported net income for the past fiscal year ended June 30 of $900 million. Combined with annual contributions from the county of $260 million, and proceeds from the sale of $450 million in pension obligation bonds, the fund was said to be in good condition.

But even with all the new money, the unfunded liability for its future obligations stood at 80 percent. In contrast, the city’s employee pension fund of more than $3 billion has an unfunded liability of about 66 percent.

According to the S & P; report, the fund’s asset allocation strategy has targets of 64 percent in equities; 28 percent for fixed income; and nearly 8 percent for real estate. The fund’s 10-year return through June 30, 2003, was 8.4 percent.

, Mike Allen

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