CalPERS to extract $4.5B from public agencies over next 5 years: City's total up $4.9M

During Tuesday's South Lake Tahoe City Council meeting, the City's financial forecast over the next five years will be presented. Included in that will be a review of how the City prepared to meet anticipated increases for South Lake Tahoe programs and services by budgeting conservatively. What could not be budgeted for though was a 100% increase by the California Public Employee Retirement Systems (CalPERS).

Pour planning and investments by CalPERS is going to cost cities and agencies across the state $4.5 billion. The City of South Lake Tahoe will be able to meet the demand by CalPERS better than most due to their financial planning and their coming out of the recession with a strong economic recovery and and increase in General Fund revenues.

By 2021/22 the City's payment to CalPERS will almost double to $9,699,000. This year it is will be $4,774,596.

City Manager Nancy Kerry will include this information as well as other financial information during the next city council meeting on May 16 at the airport beginning at 9:00 a.m.

Also on the agenda:

A fee waiver request from the Boys & Girls Club for their Tahoe Brewfest.
A request by the Tahoe Beach Retreat to sell alcoholic beverages on Connolley Beach.
A presentation on the City's Business Plan for 2017/2018
Consent agenda including a VHR report, air traffic control statement

The full agenda can be seen here: http://slt.granicus.com/GeneratedAgendaViewer.php?view_id=6&event_id=285