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The Conference was a successful one and included some incredible speakers who spoke on topics that were both timely and vital to us in our fiduciary roles. We all know that the ever-changing nature of the public pension environment requires us to be even more vigilant, on top of our responsibilities as never before and ahead of the knowledge curve. It is a difficult job and even more so without timely and relevant education.
This year will undoubtedly challenge us again and we will all need to sharpen our saw in order to meet our responsibilities to our stakeholders. In this spirit, I hope you will plan to attend the spring 2010 SACRS Conference in Newport Beach. The Conference promises to be a great one as I know the many volunteers on the Program Committee, Affiliate Committee and Education Committee are working very hard to make sure it is. So, please mark your calendars today and join all of us at the SACRS 2010 Spring Conference (May 11-14, 2010) in Orange County.
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Happy New Year! I wish everyone prosperity and success in 2010.
 his past year was tough on all of us, especially for public pension plans. While the economic crisis started in late 2008, it continued into 2009.
We were put to the ultimate test. In 2009, we were tested from all sides; from a business, budget, investment performance, and a communication perspective. We were even tested from a personal perspective as many of our loved ones struggled through the economic downturn.
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The State is once again looking at a massive budget deficit in the coming fiscal year according to the recently released Fiscal Outlook from the non-partisan Legislative Analyst Office (LAO). The LAO is the entity responsible for advising the Legislature on the State Budget. According to the LAO, the total budget deficit the Legislature needs to address before July 2010 is projected to be close to $21 billion.
 his deficit consists of a $7 billion structural deficit that was built into the 2009-10 State Budget, which if not addressed by the Legislature in early 2010 will grow to $14 billion in the 2010-11 State Budget. Add to that is an additional $6.3 billion that results from faulty budget assumptions made in the 2009-10 State Budget.
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