Fiscal Stability – Reducing the County’s Unfunded Liability
I continue to work with my Board Colleagues to ensure our County remains financially healthy. One area we tackled in 2007 that has reduced the unfunded liability in our employee health plans was restructuring the Retiree Medical Plans. The Board held a series of discussions with various labor organizations over several months. The purpose of these meetings was to identify ways to restructure the Retiree Medical Plan and make it sustainable within existing resources. Our Board also approved agreements with various County employee associations on these plans reducing the County’s previous unfunded liability of $1.4 billion dollars to $598 million while continuing to provide a variety of medical plans for both current and retired employees. I will continue to carefully monitor recommendations to the Board that affect our bottom-line and work with the Board to find additional avenues to reduce and eliminate our unfunded liability.