Tweet
More evidence that your city is about to fiscally meltdown. Most cities will have to spend up to 25% of revenues just to keep their legal responsibility to pay for pensions.
"Retirement investment funds for Riverside and San Bernardino counties each lost about $1.5 billion -- roughly a quarter of their value -- in the fiscal year that ended June 30, finance staff estimate. Many cities also lost big as markets plummeted.
Local governments will have to make up the unprecedented losses, or at least a portion of them, through years of payments, leaving less money to fund services. Some officials and advocates say the costs are unsustainable."
Has your city council or school district begun fixing this problem? The good news is that this will force government to cut back and maybe become responsible. To make sure that happens, just say NO to all tax increases and bond measures--government has too much money and it is time to close your wallet to government.
More...
"Retirement investment funds for Riverside and San Bernardino counties each lost about $1.5 billion -- roughly a quarter of their value -- in the fiscal year that ended June 30, finance staff estimate. Many cities also lost big as markets plummeted.
Local governments will have to make up the unprecedented losses, or at least a portion of them, through years of payments, leaving less money to fund services. Some officials and advocates say the costs are unsustainable."
Has your city council or school district begun fixing this problem? The good news is that this will force government to cut back and maybe become responsible. To make sure that happens, just say NO to all tax increases and bond measures--government has too much money and it is time to close your wallet to government.
More...