CalPERS' governing board during a 2013 meeting. (Photo: CalPERS board)
Calpensions: The state’s two largest public pension systems never recovered from huge investment losses during the deep recession and stock market crash in 2008. CalPERS lost about $100 billion and CalSTRS about $68 billion. Now after a lengthy bull market, most experts are predicting a decade of weak investment returns, well below the annual average.
A parched lake bed at Lake Oroville, about 60 miles north of Sacramento. (Photo: sddatta, via Shutterstock)
As drought-parched California withers, salt water captures attention – again. Santa Barbara, which built a desalination plan more than 20 years ago and then abruptly shut it down because of costs, is considering upgrading and restarting the project and provide the city of 91,000 with about a fourth of its drinking water. The tentative price tag is $40 million. In Sacramento, the State Water Resources Control Board is poised to adopt new regulations in May governing desalination.