Tweet
Now even the rich of Santa Barbara have to reconsider allowing unions to own the city.
"Santa Barbara contributes 40 percent to police and fire pensions and 20 percent to those of other employees. By comparison, the city contributed about 10 percent each to police officers and firefighters, and about 4 percent other employees.
Samario said that even without salary increases, the city is going to continue having to spend similar rates on pensions. In the presentation, he said retirement costs are expected to increase by about $4 million by 2015, just because of losses sustained in 2009.
Were definitely under-funded today, Samario said. Ten years ago we were over-funded.
Armstrong estimated the city is under-funded by tens of millions of dollars when it comes to employee pensions."
Maybe it would be good for Santa Barbara to go belly up due to union excesses. In the 1980's the definition of a conservative was a liberal who was mugged. Now it could be a conservative is a liberal who sold his city to the special interests and the unions.
More...
"Santa Barbara contributes 40 percent to police and fire pensions and 20 percent to those of other employees. By comparison, the city contributed about 10 percent each to police officers and firefighters, and about 4 percent other employees.
Samario said that even without salary increases, the city is going to continue having to spend similar rates on pensions. In the presentation, he said retirement costs are expected to increase by about $4 million by 2015, just because of losses sustained in 2009.
Were definitely under-funded today, Samario said. Ten years ago we were over-funded.
Armstrong estimated the city is under-funded by tens of millions of dollars when it comes to employee pensions."
Maybe it would be good for Santa Barbara to go belly up due to union excesses. In the 1980's the definition of a conservative was a liberal who was mugged. Now it could be a conservative is a liberal who sold his city to the special interests and the unions.
More...