The California State Teachers’ Retirement System’s funding gap has topped $73.7 billion – that’s a $2.7 billion jump since a previous valuation in 2012.
Dale Kasler reports for the Sacramento Bee: “CalSTRS’ latest calculation comes as the Legislature and Gov. Jerry Brown continue to debate how to fix the teachers’ retirement fund. Brown originally said the Legislature could enact a funding plan for CalSTRS in 2015, but he also supported the decision by Senate and Assembly committees to hold hearings last month on the issue.”
San Jose Mayor Chuck Reed says he’ll refurbish his pension reform effort in 2016.
Jessica Calefati reports for the Mercury News: “He had hoped to see his pension reform proposal on the November ballot, but his signature gathering efforts stalled when he took issue with Attorney General Kamala Harris' official description of the proposal. In a lawsuit, Reed called the wording "false and misleading."
“A Sacramento County Superior Court judge ruled against Reed, but he has filed an appeal.”
Gov. Jerry Brown signed a bill giving more power to state ethics and tax agencies in charge with investigating campaign finance.
Melanie Mason reports for the L.A. Times:” The law gives the Fair Political Practices Commission and the Franchise Tax Board the ability to begin audits, before an election occurs, of campaigns suspected of illegal activities, even if campaign statements or finance reports have not yet been filed.”
“It also explicitly allows the commission to seek an injunction in Superior Court to compel disclosure.”
The state senator accused of negotiating the trafficking of military-style weapons from the Philippines, used campaign dollars to arrange flights to that country.
Jim Miller reports in the Sacramento Bee: “Records show that Yee used campaign cash to travel to the Philippines twice. In September 2008, his Senate campaign committee paid $894 for a flight to Manila “to meet with Filipino officials.”
“In July 2012, Yee’s officeholder account paid $246 for an Asiana Airlines flight to Manila for a “governmental fact-finding” trip lasting from July 12 through July 30, according to his state filing.”
A consultant of Yee’s, in prison for his involvement in the corruption case, was released yesterday.
Laurel Rosenhall reports for the Sacramento Bee: “A federal magistrate judge ruled today that Jackson "is not a threat to the community," according to a prepared statement from his lawyer, James Brosnahan of the Morrison & Foerster law firm in San Francisco.”
"Jackson has no criminal record and no history of violence," the statement says.”
The second state senator facing federal charges, Ron Calderon took to Twitter last night to plead his case to State Attorney General Kamala Harris.
In taking the court battle to the web, Calderon tweeted: “Opinion by Former prominent DOJ prosecutor. pic.twitter.com/gEq0H58Jkx”
There’s bipartisan support to oppose Tim Draper’s effort to split up California into six different states.
John Wildermuth reports for the SF Chronicle: “Steven Maviglio, a Democratic consultant, and Joe Rodota, a fixture in GOP politics, have formed OneCalifornia, a committee that will oppose Draper’s “Six Californias” plan if and when the constitutional amendment gets on the ballot.”
A controversial effort to reinstate affirmative action in California cost state Sen. Ted Lieu endorsements in his congressional campaign.
Jean Merl reports for the L.A. Times: “In a March 25 letter mailed to Lieu's congressional campaign office, the legislators asked their colleague to "remove our names from your list of endorsements for Congress."
“The letter was signed by Lieu state Senate colleagues Ricardo Lara of Bell Gardens, Norma Torres of Pomona and Holly Mitchell of Los Angeles and by Assembly members Lorena Gonzalez of San Diego, Anthony Rendon of Lakewood and Jose Medina of Riverside.”
The signs of a familiar housing bubble are emerging down in Southern California.
Tim Logan reports for the L.A. Times: “This run-up in homeownership costs in Southern California and a few other markets is causing echoes of the housing bubble, at least locally, said Zillow chief economist Stan Humphries. Home buyers are putting less money down, relying on “non-traditional” financing and moving further out in order to find a house they can afford, he said.”