Mariposa County and the CalPERS Unfunded Liablity

Yesterday the SST Poll Question was: What is the Unfunded Liability amount that Mariposa County owes CalPERS?
Almost 70% of the people who voted said it was over $17,000,000.
They were correct as the number is at $17,469,082.
Mariposa taxpayers get to pay 7.75% interest on that money. That equals over $1,300,000 a year.

One year ago that number was at $13,927,356.
In May of 2008 that number was around $12,000,000.
The interim CAO before the current CAO pulled $2,000,000 from the budget and that money was to go towards the Unfunded Liability.
The current CAO Rick Benson instead of paying it down stuck the money in an account. So Mariposa County residents have been paying 7.75% interest on that money that could have went toward paying down the Unfunded Liability, for four years now.
The Board of Supervisors approved to pay off somewhere around $10,000,000 on a 20 year plan at 7.75%. But this $10,000,000 is not an actual contract with a fixed dollar amount for a payment.
The yearly payment to CalPERS could go up or down depending upon CalPERS investments.
Just think, your children get to pay for what the BOS approved.

The Unfunded Liability could go higher or lower depending on CalPERS investments. But either way CalPERS knows it will at least make 7.75% on their money, guaranteed from Mariposa County.