|
Stanford Report on San Jose Pension Costs Emphasizes the Need for Reform
Last month, the Stanford Institute for Economic Policy Research (SIEPR) released its final report analyzing the City of San Jose's public pension costs and the need for reform. Underscoring the fact that the City cannot rely on the hope that an improved economy will solve our pension woes, SIEPR found that:
- Even when assuming investment returns of nearly 8% annually over the next 16 years, there is an 88% chance that San Jose's two retirement systems will remain underfunded.
- San Jose's two retirement systems would need to earn an average of 11.4% for the next 16 years just to have a 50% chance of eliminating its unfunded liability.
Read the SIEPR report
"These findings should be a serious concern for retirees, employees and taxpayers alike," said Mayor Reed. "We must achieve significant reforms now to reduce our retirement costs, protect the long-term health of our retirement systems and restore core services to our community. And as SIEPR, the Little Hoover Commission and other independent experts have recognized, we cannot solve this problem by making changes for new employees alone." Learn more about retirement reform
In December, the City Council voted to place a set of retirement reforms before San Jose voters during the June primary election while inviting the city's employee unions to continue mediation over the final ballot language. |
|
City Reaches Agreement with Police Officers to Extend 10% Pay Cut Through Next Year
 The City Council has approved an agreement with the San Jose Police Officers Association (POA) that extends a 10% pay cut for police officers through the next fiscal year. Prior to this agreement, an arbitrator was scheduled to rule on whether the POA's pay cut should be restored next year, which would have added $22 million to the General Fund deficit. Read the memorandum
"A 10% pay cut is a significant sacrifice and I'd like to thank our police officers for extending this concession for another year," Mayor Reed said. "This agreement will go a long way toward helping us minimize service cuts and layoffs in next year's budget."
Five other unions (IAFF Local 230, AEA, AMSP, CAMP and ABMEI) had previously agreed to two-year contracts that keep the 10% pay cut in place through FY 2012-13. |
ANA to Launch New Non-Stop Service between Tokyo and SJC
 All Nippon Airways (ANA) announced in December that it will initiate new non-stop service between Narita International Airport in Tokyo and Mineta San Jose International Airport. The new service is projected to launch during fiscal year 2012-13. Read the press release
"We are delighted by this news and thank ANA for its confidence in San Jose and Silicon Valley," said Mayor Reed, who traveled to Tokyo in last February to meet ANA's President and CEO. "Whether on business or visiting friends and family, Bay Area residents will discover that ANA's new route from San Jose to Narita International Airport provides a convenient gateway to Asia and the Pacific Rim." City officials partnered with the Silicon Valley Leadership Group, the San Jose Silicon Valley Chamber of Commerce and the Santa Clara Chamber of Commerce on the multi-year effort to recruit direct service to Tokyo, which was identified as a priority travel route for the region's business community. American Airlines previously operated a Tokyo-SJC route from 1990 to 2006. |
City, County Agencies Secure Land for Three Creeks Trail Project
 The City of San Jose has finalized the purchase of land from Union Pacific Railroad for the Three Creeks Trail project, which has been in development for the past 10 years. The land purchase was made possible through a partnership with the Santa Clara County Open Space Authority and the Santa Clara County Parks and Recreation Department, which together provided a large majority of the funding. Read the press release
The 7.5 acres of land will add an additional mile to the City's 53-mile trail network. Furthermore, it will serve as a crucial link between the Los Gatos Creek, Guadalupe River and Coyote Creek regional trails as part of a proposed 2.8-mile trail corridor that will run through Willow Glen.
One of Mayor Reed's 10 Green Vision Goals is to create 100 miles of interconnected trails by 2022, which would make it one of the nation's largest jurisdictional networks. Learn more about the city's Green Vision goal
|
|
|
|
State of the City Address: Feb 9
Please join us for this free event that features Mayor Reed's annual speech and honors outstanding citizens and employees.
RSVP by Feb 5 |
|
Crime & Gang Prevention Summit:
Feb 4
Join local leaders in discussing how we can make San Jose an even safer place to live.
RSVP |
|
Neighborhood
Priority-Setting Session: Jan 21
Neighborhood Association leaders will discuss priorities for the FY12-13 Operating Budget. Members of the public can attend and observe the discussion.
Learn more |
|
Bay Area Schools Environmental Conference: Feb 4
Students and teachers: learn about best practices and resources that can help your school to go green.
Learn more |
|
Winter Leisure Classes
Sign up for classes through PRNS to keep you busy during the winter months. Learn more |
|
Stay Fit at a Discount
City of San Jose Fitness Centers are currently offering discounts on citywide memberships, starting at $120/yr until 1/31. Learn more |
|
