Editing Loyalton, California (section)

==Government==

===Local===
Because Loyalton is Sierra County's most populous [[municipality]] and its only incorporated city, the location of the Sierra County Board of Supervisors twice-monthly meetings alternate between [[Downieville, California|Downieville]], Sierra County's [[county seat]], and the city of Loyalton.<ref>{{cite web | url=https://www.sierracounty.ca.gov/182/Board-of-Supervisors| title=Sierra County Board of Supervisors Meetings | access-date=December 31, 2021}}</ref>

The City of Loyalton's total expenditures for 2012 were $1.2 million, funded mostly from outside sources such as federal and county grants.<ref name=nyt>{{cite news|last1=Walsh|first1=Mary Williams|title=$1.6 Million Bill Tests Tiny Town and 'Bulletproof' Public Pension Plan|url=http://nyti.ms/2dPNkKZ|access-date=October 10, 2016|work=[[The New York Times]]|date=October 10, 2016|page=A10}}</ref> Local tax collection revenue that year was $163,000.<ref name=nyt/> In 2016, the city recovered over $400,000 that had been embezzled by an employee but it still faces an $80,000 budget shortfall.<ref name=nyt/>

In 2012, the Loyalton City Council decided to withdraw from [[CalPERS]] because its last employee with a guaranteed pension had retired.<ref name=nyt/> The city had been fully paying its required annual contribution of $30,000 and had only four remaining pensioners.<ref name=nyt/> CalPERS then demanded $1.6 million from the city.<ref name=nyt/> CalPERS publicly uses [[actuarial present value]] to calculate member contributions but when a member withdraws it utilizes a non-public calculation to define unfunded liabilities.<ref>{{cite news|last1=Walsh|first1=Mary Williams|title=A Sour Surprise for Public Pensions: Two Sets of Books|url=http://nyti.ms/2cQUDA2|access-date=October 10, 2016|work=The New York Times|date=September 18, 2016|page=BU1}}</ref> Loyalton has not yet paid the bill so CalPERS is charging 7.5% annual interest and had sent a final demand letter in September 2016.<ref name=nyt/>