Hie thee to 2 Political Junkies, which is carrying a lengthy process story…
The hold up — the reason why Council must meet again tomorrow — is that upon further reflection by everyone (PERC, ACT 47, ICA) it was decided that the City must dedicate $735,680,000 over 31 years instead of $414.7 million (the difference between a 5% and 8% discount rate). (2PJs)
The P-G update linked to therein places a different emphasis on who first noticed there was a maths issue:
But the city’s actuaries, brought in this morning to review the plan, thought otherwise, firefighters union President Joe King, a city pension board member, said. (P-G, Joe Smydo)
According to Maria, it’s all going to be finished at 11:00 PM tomorrow. I had a strong feeling all along it was worthwhile to keep running the countdown widget to the right.
MORE: You’re giving Null Space skin failure: LINK.
*-UPDATE: Now this is innovative — in an e-mail labeled “RELEASE — PENSION PLAN TO STAY IN CITY”, the Council President’s office forwards a PDF document of a preemptive, anticipatory veto override of a bill that hasn’t been passed (written?) yet, signed by six members of Council (Dowd’s not in town).
**-UPDATE, THE DEUX: In a sneak-preview of an article running tomorrow…
Responded Doven: “You don’t need to be an economics professor from CMU to understand that council’s latest three-ring circus act puts our city’s financial future in great distress. Council’s actions will put a giant hole in the city’s budget next year and for each and every year after that for 30 years. And our pension fund will still face serious funding obstacles, even with council’s action to drastically increase parking rates.” (Trib, Bill Vidonic)
Well, then what is this? I mean, really? All of the concerns about the near-term solvency of the fund, the holes in future annual budgets, the inefficiency of investing this funding stream in this way and the uncertainty of it being judged sufficient yet being utterly intractable really do make sense. And clearly it’s important for the Mayor to signal his disapproval by vetoing all this. So then why not do what’s available to put a stop to it? Enough has changed.