Oxnard has got a problem. The city’s contributions to CalPERS, which totaled $23 million in their fiscal year 2016-17, are going to increase to $45 million by 2024-25.
Where is this money going to come from? Asreported last week, the “skyrocketing pension costs” have already led Oxnard’s Mayor to call for “painful cuts.” But if pension payments are set to double in just the next six years, where will all these cuts come from?
Meanwhile, in Oxnard, a small group of local activists, led by Aaron Starr, a local executive with a financial background including a CPA, are working to qualify five reform initiatives. If they gather the signatures required for each initiative, residents of the City of Oxnard will vote on them in November 2020.