The town of Corte Madera is moving toward refinancing its $21.4 million pension liability to help manage its budget more effectively while still coping with a loss of revenue from the pandemic.
“We’re not out of the woods yet,” Mayor Eli Beckman said. “We are doing quite well relative to our worst fears and what we are seeing other municipalities get hit with. Corte Madera has been lucky.”
The town’s annual payments to the California Public Employees’ Retirement System, known as CalPERS, have ballooned from $733,000 in 2015 to $1.37 million this year, according to a Nov. 17 staff report. The town projects the annual payments will grow to $2.1 million by 2025 and $2.26 million by 2031.
Author(s): LORENZO MOROTTI
Publication Date: 20 January 2021
Publication Site: Marin Independent Journal