Want the news summarized?
Subscribe to The Morning Report.
Friday, Aug. 10, 2007 | I’m enjoying the Café today, though something did jump out at me in the last post.
It’s encouraging to see April Boling publicly acknowledge the fact that the pension system has stablized. According to the city attorney’s own actuary, the pension system is funded at a rate of approximately 80 percent, and the city can continue to see the same ratio of pension costs versus general fund revenues for the next 20 years.
However, the mayor and retirement board aren’t the only ones who deserve credit for this good news. As a candidate for City Council and as the former chairwoman of the pension reform committee, Ms. Boling should know that it was the City Council who voted to implement the recommendations of the pension reform committee, end the practice of underfunding the pension system, pay additional payments into the system, end negative amortization, create an Audit Committee and create new disclosure practices.
Together, we’ll continue to find ways to work with the mayor and employee groups to improve the health of the pension system while providing vital services to taxpayers.
Pam Hardy is the spokeswoman for Council President Scott Peters.