CalPERS Honored With Second Distinguished Finance Award
November 23, 2015
Communications & Stakeholder Relations
Brad W. Pacheco, Deputy Executive Officer
Contact: Amy Morgan, Information Officer
CalPERS recognized for its 2015-16 Fiscal Year Annual Budget Report
SACRAMENTO, CA - For the second year in a row, the California Public Employees' Retirement System (CalPERS), Financial Office was awarded the Distinguished Budget Presentation Award for excellence in budget reporting by the Government Finance Officers Association (GFOA). CalPERS won the award for its 2015-16 Fiscal Year (FY) Annual Budget Report.
"CalPERS is extremely honored to receive this award," said Anne Stausboll, CalPERS Chief Executive Officer. "The recognition of our staff for their hard work in maintaining the highest governmental budgeting standards, in consecutive years, no less, is a testament to their skill and dedication."
This is the third year in a row that CalPERS' spending has decreased, with a year-over-year decrease in spending of $64.5 million since FY 2013-14. CalPERS' 2015-16 FY budget represents an overall budget decrease of approximately $38.5 million, a 2.1 percent reduction from its FY 2014-15 budget.
CalPERS continues an ongoing cost-savings effort to reduce investment consultancy and increase its reliance on state staff. It also reduced expenses through increased organizational efficiency and expenditure-reducing measures, such as eliminating investment performance fees by phasing out of its Absolute Return Strategies Program.
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 budget was created with a focus on essential, and long-term business needs, while keeping CalPERS in fiscal alignment with our strategic goals," said Cheryl Eason, CalPERS Chief Financial Officer. "It’s an honor to have the budget team's hard work acknowledged in the form of our second GFOA Distinguished Budget Presentation Award."
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.
Read CalPERS 2015-16 Annual Budget Report (PDF).
View the GFOA Award (PDF).
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 nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS' total fund market value currently stands at approximately $295 billion. For more information, visit www.calpers.ca.gov.