The Morning Report
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The city’s retirement board will figure out how rapidly it will collect the $1 billion debt the city owes its future and current pensioners at its meeting Friday.
San Diegans voted in 2004 to eliminate the debt over 15 years, but the Attorney General’s Office and others believe the ballot measure is unenforceable. Mayor Jerry Sanders expects the board to set a 20-year schedule, an assumption he built into a forecast of the next five years’ worth of budgets. The decision could swing the city’s budget by about $20 million a year, beginning in the 2009 fiscal year, when Sanders expects the budget will already fall short by about $173 million.
The meeting will take place at 8:30 a.m. at the San Diego City Employers’ Retirement System, located at 401 B St., Suite 400. Check in with us later this week to see how this story plays out.