Instead of spending the “savings” the city enjoyed in 2011 due to above-average pension investment returns, had the mayor and City Council banked those savings in reserves and held them for future years, the impacts of ups and downs would be muted.
Instead of spending the “savings” the city enjoyed in 2011 due to above-average pension investment returns, had the mayor and City Council banked those savings in reserves and held them for future years, the impacts of ups and downs would be muted.