Wednesday, February 20, 2013 – 10:00 a.m.
Here’s some news flowing across the transom this Wednesday morning.
No decision on San Bernardino County appeal
The San Bernardino County Board of Supervisors did not reach a decision on whether or not to appeal a San Diego County Superior Court ruling dismissing most of a civil case the county filed against defendants San Bernardino Associated Governments, California Department of Transportation and city of Upland.
The litigation centers on financial responsibility for the controversial $102 million Colonies Settlement.
The decision to appeal would seem to be a no-brainer, give the minimal cost to appeal in comparison to the $26 million the county has already spent, and the liklihood the county would be on the hook for attorney fees to the defendants, who have collectivley spent $25 million.
Expect a split-vote here either way.
San Bernardino County pension fund returns modestly improve
The latest quarterly investment return of the San Bernardino County Employees Retirement Association (SBCERA), for the period ending December 31, 2012, was a little less stressful.
But the fund has a long way to go to return to a healthy posture.
The fund earned 4.3% last quarter (Gross of Fees). More importantly, the fund has earned 7.7% (Gross of Fees) in it’s fiscal year-to-date. A number that is just 0.5% below the funds assumed annual rate of return.
Hopefully the fund can hold the gains for the remainder of the fiscal year, which ends June 30, 2013.
Gas prices continue march toward new record high
The national average price for a gallon of unleaded gas is skyrocketing, especially in California, where refinery closures is increasing pressure.
In California, the average price is $4.17. The national average is $3.75 per gallon. The price has climbed $0.45 per gallon in the last thirty days.
The higher gas prices, combined with the recent 2% payroll tax increase, has placed a definite damper on the economy.