Faulconer Speaks Out Against Proposal to Increase Pension Debt
San Diegans voted for Comprehensive Pension Reform to fix the pension problem now. In fact, much of the City of San Diego’s financial turnaround over the past few years is attributable to local leaders taking the bull by the horns and not putting off difficult choices to future generations.
Today, Kevin Faulconer continued to speak out against a plan that would postpone the City’s full pension payments and run up its pension debt by $335 million. Faulconer appeared on the Rodger Hedgecock Show to reiterate that issuing so-called pension obligation bonds — an idea most recently floated by mayoral candidate Bob Filner — is unnecessary and a step in the wrong direction. A recent analysis released by the San Diego County Taxpayers Association revealed this risky maneuver would cost millions of dollars that could otherwise be invested in San Diego neighborhoods.
As a senior leader on the City Council, Faulconer will continue to push for the implementation of voter-approved pension reform and oppose ill-conceived proposals to kick the can down the road.