Pension Crisis

"The crisis isn’t going away. Nationwide, public-employee pensions are running between $1 trillion and $5 trillion in the red, depending on the rate of return expected on stocks and bonds. This could be the next housing bubble to burst. Some states such as Utah have smartly moved quickly to head off this crisis by closing down open-ended pensions and putting public-sector union members in 401(k) plans that won’t bankrupt the state or municipalities. The unions are fighting this reform everywhere."  Read more...

And what we have faced in Lake Worth is all swept under the rug.  This commission dares not mention the word "union" as it might open up the truth in that can of worms.

Liabilities:
$56.7 on the utility upgrade…money still unaccounted for in the original bond
$3.5 million still owed on the Gateways...
$87 million or so in unfunded pension liability

NOTHING is ever mentioned about the cost of public safety. Former city manager Susan Stanton was so aghast at the sheer numbers that she got into negotiations with Ric Bradshaw and shaved $2  million off of his costs to Lake Worth.  The thanks she got?  A lot of misinformed residents who were fed all sorts of politically charged explosive stories even going so far as to blame it all on hormones. This is the sort of disgusting politics we have in this city.

The commission never talks about the pensions that have bled this city dry which are uncontrollable costs amounting to 69.31% of the entire budget.