From Gay and Lesbian Times, March 26, 2009
http://www.gaylesbiantimes.com/?id=14290
The city will end 2009 with a small surplus of about $2 million. But out of a $3 billion budget, “that doesn’t give a lot of wiggle room, but it’s important to note that we are living within our means,” the District 3 councilmember said.
GL Times states that Pension payments are also down for the year as result of a series of reforms implemented by the city.
Gloria’s take?
“Its not because of any funny business. No one is cooking the books. It’s because the reforms that have been instituted are reducing the overall size of our debt,” Gloria said.
Interesting viewpoints from Mr. Gloria, given the following figures on the amount the city needs to cough up in the coming years for pension costs:
- FY 2010 Pension Payment: $154 M
- FY 2011 Estimated Pension Payment: $224.8 M
- FY 2025 Estimated Pension Payment: $512 M
- Estimated FY 2011 Unfunded Liability (Pension): $2.03 Billion
Living within our means? What do you think?