La Cañada Flintridge families annually contribute $2 million for La Cañada Unified School District schools, and fund the La Cañada Flintridge Educational Foundation's endowment fund of $4 million. The families' contributions are compensation for claimed state budget shortfalls.
California holds $600 billion in taxpayer cash and investments ($50,000 per household).
$460 billion are investments characterized as funding pensions, but the financial report shows that these investments had only $1 billion in net income for the state's $27-billion pension costs. Meanwhile, Californians were taxed $19 billion, and plan members contributed $7 billion.
Since 2008, California's CAFRs reveal these colossal investments have cost more to manage than their net income.
Even more astounding, California's 14,000 state and local government entities have a data-sampled estimate from their CAFRs of literal trillions in taxpayer assets. For examples, Los Angeles County has $66 billion, and the city of Los Angeles has $38 billion.
Leaders of both parties are silent about the failure to manage these funds efficiently or put the money to better use for taxpayers.
Several times a week since June 8, I've communicated with the offices of state Sen.
A question the public should demand answered is how we can best restructure our existing retained assets to adequately fund pensions, programs, infrastructure and the $16-billion budget deficit.