Website Launched to Show State’s Financials As They Would Appear in the Voter Information Pamphlet
Today, SB 1251, the California Financial Transparency Act, will be heard in the Public Employee and Retirement (PERS) Committee. So far, the largest opposition has come from public employee unions, who have argued that providing the state’s key fiscal components and debt to voters would somehow be harmful to the process.
CAFiscal.com has been launched to demonstrate just how safe it would be to give voters the state’s financial numbers.
Here's a snapshot of the site:
Why wouldn't unions want taxpayers to know the state's basic financial data? Because they don't want voters knowing how badly union control in Sacramento has run the state into debt.
Taxpayers deserve to know the accurate fiscal shape of the state so that they can make more informed voting decisions. California owes taxpayers accurate information and legislation that measures, manages and is transparent about the state's fiscal health.
Let's open the curtain and reveal what the Sacramento unions are trying to hide: California has over $250 billion in debt and unfunded liabilities, most of which is state public employee pension costs.
Here's the simple, fiscal facts that that taxpayers should know:
State Budget Fiscal Year 2014-15
Revenue $ 246.8 billion (CAFR)
Expenditures 271.3 billion (CAFR)
Unrestricted net deficit 169.0 billion (CAFR)
Current State Debts
Unfunded pension liabilities $ 180.0 billion (CalPERS, CAFR, UC)
Unfunded retiree medical 74.2 billion (CAFR)
Infrastructure deficit 77.0 billion (DOF)
Outstanding bond debt 82.0 billion (CAFR)