The City of Los Altos includes 130 full-time authorized positions and numerous part-time temporary staff. Due to the service-oriented nature of City business, personnel costs are typically the largest expenditure in the City's operating budget. City employee salaries and other compensation are subject to public disclosure and can be viewed below:
Los Altos, like most California cities, is part of the CalPERS state-pooled retirement system. In an effort to prudently manage long-term retirement costs, the City has established cost-saving reduced retirement benefit plans. Details of those plans can be viewed online at: City Benefits
Beginning in 2014/15, the Government Accounting Standards Board will require cities to reflect on their balance sheets the amount of unfunded liability for employee retirement. This amount represents a long-term liability related to the funding of future projected employee pension obligations.
CalPERS has provided its members with information on this long-term liability regarding the funding of future projected employee pension obligations, which you may review below: