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Orange County (CA) Grand Jury Report: Transparency Breaking Up Compensation Fog (2012)

Orange County (CA) Grand Jury Report: Transparency Breaking Up Compensation Fog (2012)

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Published by wmartin46
SUMMARY

The 2010 City of Bell compensation revelations2 stimulated the public’s interest in local government compensation costs. The quest for more compensation transparency from local governments was intensified by the following factors: Financial and housing markets’ extensive downturns impacted governmental tax bases and fanned public anxieties; Public services came under financial strain throughout Orange County; Public awareness and dialogue increased about the financial impacts of government guaranteed pensions; Size of unfunded public sector pension liabilities generated concerns among both workers and taxpayers.
In 2012, new upcoming Government Accounting Standards Board (GASB) standards may be issued. They will spotlight the amounts of unfunded pension liabilities officially on local governments’ 2013 balance sheets. Press coverage will spark public dialogue about the ability to meet pension obligations to public sector employees.

Last year’s Orange County Grand Jury, the Orange County Register, State Legislature and State Controller, among others, suggested guidelines and requirements for local government compensation transparency. The 2010-2011 Orange County Grand Jury issued specific guidelines in 2011 to local governments for reporting compensation costs.

The 2011-2012 Grand Jury decided to follow up on the implementation status of the 2010-2011’s recommendations. The Grand Jury wanted to recognize the progress made in each Orange County city, special district, joint power authority and the County.
SUMMARY

The 2010 City of Bell compensation revelations2 stimulated the public’s interest in local government compensation costs. The quest for more compensation transparency from local governments was intensified by the following factors: Financial and housing markets’ extensive downturns impacted governmental tax bases and fanned public anxieties; Public services came under financial strain throughout Orange County; Public awareness and dialogue increased about the financial impacts of government guaranteed pensions; Size of unfunded public sector pension liabilities generated concerns among both workers and taxpayers.
In 2012, new upcoming Government Accounting Standards Board (GASB) standards may be issued. They will spotlight the amounts of unfunded pension liabilities officially on local governments’ 2013 balance sheets. Press coverage will spark public dialogue about the ability to meet pension obligations to public sector employees.

Last year’s Orange County Grand Jury, the Orange County Register, State Legislature and State Controller, among others, suggested guidelines and requirements for local government compensation transparency. The 2010-2011 Orange County Grand Jury issued specific guidelines in 2011 to local governments for reporting compensation costs.

The 2011-2012 Grand Jury decided to follow up on the implementation status of the 2010-2011’s recommendations. The Grand Jury wanted to recognize the progress made in each Orange County city, special district, joint power authority and the County.

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Categories:Types, Research, History
Published by: wmartin46 on Oct 16, 2012
Copyright:Attribution Non-commercial

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01/23/2013

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