Posted on 06/03/2010 9:17:40 AM PDT by george76
An ever-mounting debt Vallejo has built up by not setting aside enough money for retired city employee pension benefits would take more than $16 million a year for three decades to pay off.
Paying such a large annual sum of cash, however, would mean a smaller debt in the long-term, city officials said Tuesday at a Vallejo City Council special budget session looking at the 2010-2011 fiscal year.
City finance staff recommended paying only 80 percent of that debt, owed to the state retirement agency. That move would leave the city with millions in debt at the end of 30 years, officials said.
Eighty percent, though, is still nearly $5 million higher than the California Public Employees' Retirement System (CalPERS) is asking as a minimum payment in 2010-2011.
As of press time, council discussion had turned to placing a proposed 1 percent sales tax measure on the November ballot
(Excerpt) Read more at timesheraldonline.com ...
CALPERS not so proud, eh? I have watched these folks throw their weight (as institutional investors) around for years, and it is sweet to see them realize that, OBTW, we don’t have our own $hit together!
CALPERS is completely corrupt. They have been paying so called Agents fees to locate investments for them. Payoff’s to political cronies. Now they are begging for more money to make up for their bad investments. The people who have no retirement funds are being asked to pay more and more to CALPERS and public unions to live in luxury.
We refuse to pay. We are going Galt on you and will stop spending in money in CA to dry up your tax income.
What could possibly go wrong here?
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