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.
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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.