Wednesday, November 3, 2010
Our Pensions Collections Schedule Has Arrived...
Here is the report.
First issue: the city actuaries' numbers were off by only $1.9 million, or a mere 0.2%. Congratulations, you guys, you win both showcases.
Second issue: The cheat sheet is found on page 19. "Scenario 3" is the mandated State Takeover, which appears likely to occur in 58 days unless we somehow conjure $220 million or more during the interim. Under the terms of this takeover, the city's annual payment would shoot up from the present $47 million to between $86 and $92 million in the years 2013 through 2016 -- and then to between $127 million and $160 million in the years 2017 through 2032. The differences from our present $47 million of course would get taken out of our annual budget somehow.
2013 is not exactly science fiction, nor is 2017; there will be no hoverbikes for example. Expect this post to grow a little, and expect the implications of this report to be discussed by your favorite local political figures tomorrow at 1:30.
MORE: Null Space describes the increases as "incomprehensible" (only partially because he's looking at our present baseline MMO of $38M instead of the "MMO+" of $47M we've been managing to pay) and then finds "worse" news in it.