CalPERS Receives Distinguished Finance Award
March 17, 2015
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Amy Morgan, Information Officer
Highest form of award for annual budget
SACRAMENTO, CA - The California Public Employees’ Retirement System (CalPERS), Financial Office was honored for excellence in budget reporting by the Government Finance Officers Association (GFOA). The GFOA awarded CalPERS the Distinguished Budget Presentation Award for the 2014-15 Fiscal Year (FY) Annual Budget Report.
"CalPERS is proud to have received this honor. It demonstrates our commitment to responsibly meet the highest standards of budget preparation, review, and oversight," said Anne Stausboll, CalPERS Chief Executive Officer.
CalPERS 2014-15 FY budget represented an overall decrease of approximately $26 million or 1.4 percent from the FY 2013-14 budget. This is the second year in a row that CalPERS' spending has decreased.
CalPERS reduced costs and improved business process workflows by reducing the reliance on outside consultants, integrating the review of assets and liabilities through the first-ever Asset Liability Management cycle, containing health care costs, and developing an enterprise function to enhance cash management.
The CalPERS budget is built on five key areas including sound organizational governance, alignment to the pension fund’s strategic goals and business initiatives, realistic cost containment, expanded use of technology, and strong customer focus.
"This is CalPERS’ first time receiving the GFOA Distinguished Budget Presentation Award and I am very proud of the hard work and dedication of the budget team and their commitment to meeting the highest principles of governmental budgeting," said Cheryl Eason, Chief Financial Officer.
The CalPERS budget met nationally recognized guidelines and was evaluated on 14 mandatory GFOA principles within four categories. The four categories assess how well the budget serves as a policy document, a financial plan, an operations guide, and a communications device.
GFOA award recipients have pioneered efforts to improve the quality of budgeting and provide an excellent example for other governments throughout North America.
View the GFOA Award.
For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for 1.4 million members and their families in our health program. CalPERS’ total fund market value currently stands at approximately $296 billion. For more information, visit www.calpers.ca.gov.