ORINDA -- The authors of a highly critical financial audit of the Moraga-Orinda Fire District released earlier this year have issued a response to a draft plan the district says will eliminate $60.4 million in pension debt by fiscal year 2027-28.
The Orinda Emergency Services Task Force on Tuesday published its evaluation of the fire district's long-range financial forecast on its website, www.orindataskforce.org. The district unveiled the initial plan Nov. 14.
While the evaluation commends the district for increasing the length of their financial forecasts from five to 15 years, the task force says MOFD is underestimating its long-term liabilities and being "too aggressive" about basing the plan on a 7.75 percent return on its pension asset investments managed by the Contra Costa County Employment Retirement Association.
According to its own projections, the district will eliminate $24 million in employee pension debt, $24.7 million in pension obligation bond payments and $11.7 million in retiree health care and other benefits over 15 years through reducing capital expenses and diverting tax revenue to a trust for paying employee post-employment medical benefits. among other measures.