MOORLACH UPDATE — Full Disclosure Network — July 25, 2010

Leslie Dutton of Full Disclosure Network® interviewed me a few weeks ago (on a casual day Friday).  Her title is:

Will Unions Destroy California?

See the trailer of the interview at

Here’s how she is promoting it:

Orange County Supervisor John Moorlach tells Full Disclosure Network(R) that California’s Governor Arnold Schwarzenegger should set up a one more commission before he leaves office to decide how to put California in to "Receivership."  OC’s unfunded public pension liability is $3.7 billion as of Dec. 31, 2009.   The percentage funded is 68.8%, far below the recommended 85%.  The entire one hour interview with Moorlach will be available for viewing on the Full Disclosure website soon at http://www.fulldisclosure.net

This is not the first time that I’ve been interviewed by Ms. Dutton.  But, it is the longest taping we’ve had.  A large number of topics were discussed.  We discussed public employee pension plans and remedies.  So does our LOOK BACK.  Have a great Sunday.

FIVE-YEAR LOOK BACKS

2005

July 25

Pat Maio of the Orange County Business Journal did a piece that is the topic today, titled “Rating Agencies Watching Pension Fallout.”  As you’ll see, I’ve been trying to follow their mandate as best as possible.  Here is a general and the final four paragraphs:

                “It’s better not to have a liability than to have one,” said Standard & Poor’s David Hitchcock, a director in the New York-based agency’s public finance group.  “How the address it will affect their credit quality.  It’s a concern and is something we are looking at closely.”

                Treasurer-Tax Collector John Moorlach, a critic of the more generous pension benefits and a candidate for supervisor, said he doesn’t see much fat to cut.

                “This is not an easy fix,” Moorlach said.  “I have cut my department to the bone.  There’s not much more to cut.  I’ve got fewer full time employees now than when I got here, and there’s been a (sizeable) increase in population growth.  Go pick on somebody else, because I didn’t create this.”

                Fitch’s [managing director in San Francisco, Amy] Doppelt said she has her eyes on the 2008 fiscal year, when the most current labor pacts expire.

                “The county will need to demonstrate financial discipline and prudence negotiating labor agreements for fiscal 2008,” she said.

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