With the fund for the California Public Employees' Retirement System (CalPERS) dropping 23 percent in the 2008-09 fiscal year, local jurisdictions will be asked to shoulder more of the burden of paying for pensions in coming years, according to the city of Menlo Park.
Under current projections, the city estimates it will be paying $5.91 million annually by the 2014-15 fiscal year — $1.63 million more than it currently pays into the fund. Those estimates are based on the assumption that employees will not receive any additional pay raises by the 2015-16 fiscal year.
City could approve waste contracts
Menlo Park's City Council could approve a contract for a waste management company to operate a new regional recycling center at its Sept. 22 meeting.
It could also authorize City Manager Glen Rojas to execute a franchise agreement with Recology Waste (formerly Norcal Waste) to begin waste collection services in Menlo Park in 2011.
The meeting is scheduled to begin at 6 p.m. in the council chambers, in the Civic Center complex between Laurel and Alma streets.