BLESSED BY WALL STREET BULLS; PENSION FUND'S WINDFALL TO BANKROLL COUNTY PROJECTS.

Byline: David Greenberg Daily News Staff Writer

A bullish Wall Street has given Ventura County's $1.75 billion pension system an enviable $100 million windfall - profits that will be used to fund a laundry list of priority projects.

``It's been an unprecedented run,'' said county Treasurer Harold Pittman. ``The stock market, which is the majority of the investment, has done extremely well.''

With the county's budget in its best shape since the recession and state funding cuts decimating local programs, the Chief Administrative Office this spring is expected to create a priority list of projects.

In hopes of dipping into this fiscal trough, the Information Systems Department is developing a five-year, $62 million plan that would upgrade or replace 120 computer systems countywide, said Director George Mathews.

Also under consideration are purchase or construction of three buildings - a juvenile justice complex and space for health care administration and Public Social Services employees, said county Budget Manager Bert Bigler.

This spring, the Board of Supervisors likely will vote on which proposed projects receive funding and how much money will be spent each year.

While Pittman said he has never seen the county in such good financial shape, a state Supreme Court ruling in August has forced budget makers to delay committing any of the money until this spring at the earliest.

Justices ruled that retired county employees are entitled to additional pension from the selling of unused vacation time, reimbursements for educational expenses and, with certain positions, automobile allowances, as well as other benefits.

The matter was referred to the county Superior Court, which within a few weeks will iron out the specifics.

``There are a lot of unanswered questions,'' Pittman said.

The suit was initiated by the Ventura County sheriff's deputies association in 1995 and could have a domino effect on counties across the state.

Ventura County officials said, however, they are still counting on tens of millions of dollars to be in the retirement fund when the ruling is finalized.

Should the Superior Court ruling be appealed, Pittman said the additional amount owed to retirees based on the decision would be set aside.

The county divides its employees into two categories: general service and safety.

To receive benefits, a general service employee must work at least five years, have a 10-year time lapse from the first day of employment and be at last 50 years old, according to Thomas Mahon, county auditor.

For instance, an employee who began at age 45 but worked only five years would have to wait until age 55 before drawing a pension.

Safety employees, which include sheriff's deputies, firefighters and district attorney's investigators - may receive benefits at any age after 20 years of service, Mahon said. Those who work less must wait until age 50.

The retirement fund contains $1.75 billion, county records shows.

Each month the county allocates $4 million in benefits to approximately 2,800 retirees.

The county's general fund operating budget is $529 million for the current fiscal year, which ends June 30, 1998.

The recession coupled by state cuts in local assistance forced supervisors to reduce the operating budget through much of the 1990s.

Budget makers were forced to deal with a $36 million shortfall as recently as fiscal 1994-95.

Some of that debt was wiped off the books during the beginning of the stock market surge in fiscal 1996, which ended June 30, 1996, leaving the retirement fund with $50 million in excess funds, Pittman said.

The $100 million windfall is a separate accumulation of funding.

Each additional $50 million in the retirement fund means $6 million in available spending from the interest, he said.

``Anytime the county has any extra money, it's wonderful,'' Mahon said. ``And we can use all of it that we can get - particularly if it's going to help the taxpayers.''