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Detroit Schools 'Misplace' $30 Million from Feds for Pensions
Michigan Capitol Confidential ^ | 5/9/2016 | Tom Gantert

Posted on 05/12/2016 5:04:34 AM PDT by MichCapCon

The Detroit News reported this week that the U.S. Department of Education allegedly gave Detroit Public Schools $30 million to help it pay required contributions to an employee pension fund, but the school district never sent the money into the state-run system. The $30 million was supposed to cover pension contributions for DPS employees whose pay came from federal grants.

ForTheRecord says: For a clear example of how the rising cost of maintaining a defined benefit pension system is strangling school budgets, one need look no further than the Detroit school district. Employment has been cut in half, from 15,465 full-time employees (FTEs) in 2007-08 to 7,280 in 2014-15. (Enrollment fell an equivalent amount.)

Despite the decline, the district paid 65 percent more per employee for required pension contributions in 2014-15, or $13,527 per full-time employee. In 2007-08, the total cost for half as many employees was $126.5 million, or $8,181 per FTE.


TOPICS: Education
KEYWORDS: detroit
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1 posted on 05/12/2016 5:04:34 AM PDT by MichCapCon
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To: MichCapCon

Govt people need to go to jail or the malfeasance will never stop.


2 posted on 05/12/2016 5:06:17 AM PDT by major-pelham
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To: major-pelham

All donated to Hillary Clinton.


3 posted on 05/12/2016 5:15:00 AM PDT by urbanpovertylawcenter (the law and poverty collide in an urban setting and sparks fly)
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To: MichCapCon
Misplace is an odd choice of words. I don't think it would be used if I misplaced my check to the US treasury. I guess it depends on who is doing the misplacing. Hypo allocation works the same way too.
4 posted on 05/12/2016 5:21:27 AM PDT by zek157
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To: MichCapCon

My small town misplaced $2M from our school budget a few years ago.

They told — about a thousand times — that it hadn’t been embezzled. Every meeting. Over and over and over. It wasn’t embezzled.

It wad “an accounting error”.


5 posted on 05/12/2016 5:30:29 AM PDT by ClearCase_guy (Nation States seem to be ending. The follow-on should not be Globalism, but Localism.)
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To: MichCapCon

Is that like the $6 Billion the state department couldn’t account for while Hillary was SoS?


6 posted on 05/12/2016 5:30:52 AM PDT by jacknhoo (Luke 12:51. Think ye, that I am come to give peace on earth? I tell you, no; but separation.)
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To: MichCapCon

Show of hands if you expected any other outcome ...

Anyone?


7 posted on 05/12/2016 5:32:59 AM PDT by Tax-chick ("We like us the way we are. That makes us real, true friends." ~ The Undead Thread)
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To: MichCapCon

Do where is the 30 million? Invested in a separate account? Cashed and spent on something else?


8 posted on 05/12/2016 5:34:43 AM PDT by taildragger (Not my Monkey, not my Circus...)
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To: MichCapCon

Is that Like the 6.6 Billion the Pentagon lost during the Iraq reconstruction during Bush 2?


9 posted on 05/12/2016 5:35:25 AM PDT by jacknhoo (Luke 12:51. Think ye, that I am come to give peace on earth? I tell you, no; but separation.)
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To: MichCapCon

(1) There should be no such thing as “funding” from the US Department of Education. What that means is that citizen’s property taxes are sent to Fedzilla to be redistributed. Locals should refuse this three-card-monty scheme.

(2) There should be no such thing as a US Department of Education. It’s is a matter of Constitutional integrity.

(3) Setting aside points (1) and (2) above...why didn’t Fedzilla make a “direct deposit” into the pension fund?


10 posted on 05/12/2016 5:39:21 AM PDT by Cletus.D.Yokel (Catastrophic Anthropogenic Climate Alterations: The acronym defines the science.)
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To: taildragger

Martha Reeves has a new backyard, in-ground pool?


11 posted on 05/12/2016 5:40:48 AM PDT by Cletus.D.Yokel (Catastrophic Anthropogenic Climate Alterations: The acronym defines the science.)
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To: MichCapCon

Lotsa caddys and bling all around.


12 posted on 05/12/2016 5:43:17 AM PDT by Blogatron (...and the train it won't stop going, no way to slow down.)
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To: major-pelham
Govt people need to go to jail or the malfeasance will never stop.

Well I like the thought, but we're gonna need a bigger jail system.

13 posted on 05/12/2016 5:45:55 AM PDT by 1Old Pro
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To: zek157

Did they check the seat cushions on the sofa?


14 posted on 05/12/2016 5:48:33 AM PDT by glorgau
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To: MichCapCon

Criminals plus lawless government = criminals continuing their criminal behavior. Are there no government “workers” who aren’t no integrity jerks?


15 posted on 05/12/2016 5:59:13 AM PDT by hal ogen (First Amendment or Reeducation Camp?.)
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To: MichCapCon

How is this not criminal ¿


16 posted on 05/12/2016 6:09:01 AM PDT by ßuddaßudd (>> F U B O << "What the hell kind of country is this if I can only hate a man if he's white?")
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To: MichCapCon

Which is why every time I hear cries of “we need more money for the children”, I respond with:

“No, you need to better manage the money already entrusted to you.”

Administrators, Unions, show-piece facilities, non-value added curricula....


17 posted on 05/12/2016 6:29:36 AM PDT by G Larry (ILLEGAL IMMIGRANTS impose SLAVE WAGES on LEGAL Immigrants.)
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To: MichCapCon

Why is the U.S. Department of Education funding local pensions?


18 posted on 05/12/2016 6:44:58 AM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: 2banana

Isn’t it a little strange that the guberment can trace a $15. deposit from a private citizen to Switzerland or someplace but cannot trace a 30 million dollar loss from a guberment organization?

All money leaves a paper trail.


19 posted on 05/12/2016 6:54:50 AM PDT by oldasrocks (They should lock all of you up and only let out us properly medicated people.)
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To: MichCapCon

why are we paying for their pension is the question we should be asking.

It’s not our fault they can’t budget their money. It’s not our fault they didn’t pay enough in taxes or gave them too much in compensation.

The only sectors rich enough and dumb enough to offer pensions are government and oligarchs.


20 posted on 05/12/2016 7:58:40 AM PDT by SPRINK
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