|
The California State Controller produces several financial reports including the Counties Annual Report and the Public Retirement Systems Annual Report. The most recent reports available are for 2003. The data in these reports shows that as of 2003–
- In terms of debt reported on County Financial Statements, the County of Mendocino was the most indebted County per capita in California. This works out to nearly $2000 for every County resident regardless of age. (Important There is legitimate question about this "fact". In the past many counties have not had to report their "unfunded pension liabilities" on their financial statements. Therefore those amounts would not be on the State Controller Report, and would not be included in a "per capita" calculation of debt. This is very complicated, but we believe for the most part that this does not really affect what we have to say. We think we still have a big problem regardless of whether or not we are the most obligated per capita. We're researching this and will report when we have the answers.)
- Our County's interest expense was by far the highest in the state as a percentage of the County's budget.
- Our County had, again by far, the largest Pension Obligation Bond debt per capita.
According to the State Controllers office, at the end of fiscal year 2003 (Counties Annual Report, 2003) the County of Mendocino's long term indebtedness was:
- $104 Million in Pension Obligation Bonds.
- $13 Million in other Long Term Debts.
- $56 Million in total long term lease payments (principal and interest).
Our Report comes in 3 sizes –
Also, each page of the Report, including the Summary, is listed on the menu in the bar to the left. You can click any title to jump to that page.
You can download many graphics and other information from this report. You will need a copy of the free Adobe Acrobat Reader to view most of these files, available by clicking the image below.
About This Report
The Employers Council of Mendocino County produced this report on the County of Mendocino'ss Debt – what the debt is, how it happened, why we think it's very damaging, and what we think should be done about it. The principal researcher, analyst and author of the report is the ECMC Executive Director John Dickerson. The report was reviewed, modified and approved by the ECMC Policy Committee and Board of Directors. ECMC has established a committee to work with the Executive Director to study these issues more intensely, to represent ECMC's views, and to develop and propose more specific solutions. The members of this committee are:
- Jim Hurst, Owner and Manager of the Harbor Lite Lodge and Silvers at the Wharf Restaurant in Noyo Harbor, (707) 964 0221,
EMail Jim Hurst.
- Jim Mayfield, Owner and Manager of Rainbow Agricultural Services in Ukiah, Lakeport and Calistoga, (707) 462 2404,
EMail Jim Mayfield.
- John Dickerson, Executive Director of Employers Council of Mendocino County, (707) 462 5021,
EMail John Dickerson
|
