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Within 2-3 years San Fran will go bankrupt. This year it has a deficit of $483 million and next year it will be larger.
Between the corrupt unions that own the government, and the phony pensions bought with bribe money (workers ether pay or do not work. Then the money is used to buy politicians who then give larger wages and benefits than can be afforded.
"On paper the citys pension plan is 97 percent funded, but that’s based on a 7.5 percent investment growth rate, she said, which is well above the 4.5 percent growth rate in the last 10 years. Some 900 San Francisco government retirees receive more than $100,000 annually in a lifetime pension. Pension costs now threaten the city s financial future, she said. In 2001 health care for retirees cost the city $17 million. 10 years later its grown to $140 million. Health care just goes up and up faster than the cost of living. Funding of the city pension and retiree health benefits for the past fiscal year was $413 million. It will rise to $1 billion in just five years, becoming one-third of the city General Fund.
Employee salaries and benefits are squeezing out money for city services. Adachi said he got involved with the issue after wondering why the citys public defenders budget continued to get cut. The citys $4 million summer school program for 10,000 children was eliminated this year. Residents now have to pay to rent park facilities. Parking meter hours have been extended to 9 p.m. in some areas, and 1,500 new parking meters have been installed with downtown rates costing up to $18/hour."
Maybe the SEIU and ACORN could loan San Fran with some money to tide the city over?
More...
Between the corrupt unions that own the government, and the phony pensions bought with bribe money (workers ether pay or do not work. Then the money is used to buy politicians who then give larger wages and benefits than can be afforded.
"On paper the citys pension plan is 97 percent funded, but that’s based on a 7.5 percent investment growth rate, she said, which is well above the 4.5 percent growth rate in the last 10 years. Some 900 San Francisco government retirees receive more than $100,000 annually in a lifetime pension. Pension costs now threaten the city s financial future, she said. In 2001 health care for retirees cost the city $17 million. 10 years later its grown to $140 million. Health care just goes up and up faster than the cost of living. Funding of the city pension and retiree health benefits for the past fiscal year was $413 million. It will rise to $1 billion in just five years, becoming one-third of the city General Fund.
Employee salaries and benefits are squeezing out money for city services. Adachi said he got involved with the issue after wondering why the citys public defenders budget continued to get cut. The citys $4 million summer school program for 10,000 children was eliminated this year. Residents now have to pay to rent park facilities. Parking meter hours have been extended to 9 p.m. in some areas, and 1,500 new parking meters have been installed with downtown rates costing up to $18/hour."
Maybe the SEIU and ACORN could loan San Fran with some money to tide the city over?
More...