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In three years the deficit of the city of Los Angeles will be $1 billion--proud of the Democrat/union monopoly running the city?
Sweetheart deals created this.
"Budget officials expect taxpayers' share of city pension costs to grow from $653 million this year to nearly $1.3 billion over the next four years for every agency but the Department of Water and Power, which has a separate retirement system. In other words, one of every four dollars collected by the general fund, which pays for basic services such as police, parks and libraries, would go toward retirement benefits by 2013.
If benefits are not scaled back, the city will need to make "significant reductions" in the workforce and city services, the memo states. "The sooner we make changes, the sooner we can restore our long-term fiscal health."
End the union monopoly and maybe LA can be saved. Otherwise ballot measures will do little while the elected officials are wholly owned by unions.
More...
Sweetheart deals created this.
"Budget officials expect taxpayers' share of city pension costs to grow from $653 million this year to nearly $1.3 billion over the next four years for every agency but the Department of Water and Power, which has a separate retirement system. In other words, one of every four dollars collected by the general fund, which pays for basic services such as police, parks and libraries, would go toward retirement benefits by 2013.
If benefits are not scaled back, the city will need to make "significant reductions" in the workforce and city services, the memo states. "The sooner we make changes, the sooner we can restore our long-term fiscal health."
End the union monopoly and maybe LA can be saved. Otherwise ballot measures will do little while the elected officials are wholly owned by unions.
More...