Like many other member agencies of California’s Public Employee Retire System (CalPERS), Monterey is facing significant challenges based on the projected increase of our pension costs. Our CalPERS cost will double within the next 8 years - increasing from about $12 million in 2017/18 to $24 million in 2024/25. The City is legally required to meet our annual CalPERS obligations.
At the same time, Monterey residents and businesses deserve to continue to live and work in a community which prides itself on providing a high level of municipal services and responsiveness. Over the past five years, we have made significant investments in our aging infrastructure – we need to continue to rebuild and sustain our City so that future generations can enjoy our quality of life.
We need to address:
- Funding increase in annual CalPERS pension obligations
- Sustaining our high service levels for residents/businesses and visitors
- Continuing to invest in our infrastructure such as community centers, library, public safety, streets, etc.