KPBS reporter Alison St. John had a story this morning on cities aside from San Diego that are struggling with their pension deficits, including Chula Vista.
St. John notes that the city paid $23 million into its pension fund, about 16 percent of its general fund. Chula Vista’s finance director, Maria Kachadoorian, tells the station that the city’s share will almost certainly increase from the effects of the market losses:
If it’s significant, we would have a significant impact to our rates. At this point we’re assuming about a two million additional hit, so we are trying to be conservative.
You can listen to the story here. Scott Lewis also took a look at the pending pension problems in this 2006 column.