posted by Joe Polk at 9:59 AM /
The city of Pittsburgh has an $800 million problem. That’s the estimated price tag for the pension and retirement benefits promises the city has made to police, firefighters and municipal employees without setting aside money to cover the bill.
Pittsburgh isn’t alone. Monroeville’s obligations likely top $35 million. Penn Hills estimates $4 million. Mt. Lebanon, $2.6 million. And on it goes.
Just how much of the region is in the red is impossible to say. GASB is not collecting the data, said spokesman Neil McGarity, and cannot say how many municipalities have completed the actuarial reports.
“It’s too early to tell, but what we’re finding is that people are surprised at the extent of their liability,” said Marcia Taylor, the only local among GASB’s seven board members.
Taylor also is assistant manager of Mt. Lebanon, which did its actuarial report ahead of schedule and pegs its total pension liability at $2.6 million.
That’s not an insignificant number, Taylor said, but she and Finance Director William McKain are trying to be proactive in addressing the liability. McKain said Mt. Lebanon (which has a 2008 budget of $44.6 million) began annual contributions of $250,000, starting in 2007.
Link: pittsburgh.bizjournals.com/pittsburgh/stories/2008/08/11/story10.html
Pittsburgh isn’t alone. Monroeville’s obligations likely top $35 million. Penn Hills estimates $4 million. Mt. Lebanon, $2.6 million. And on it goes.
Just how much of the region is in the red is impossible to say. GASB is not collecting the data, said spokesman Neil McGarity, and cannot say how many municipalities have completed the actuarial reports.
“It’s too early to tell, but what we’re finding is that people are surprised at the extent of their liability,” said Marcia Taylor, the only local among GASB’s seven board members.
Taylor also is assistant manager of Mt. Lebanon, which did its actuarial report ahead of schedule and pegs its total pension liability at $2.6 million.
That’s not an insignificant number, Taylor said, but she and Finance Director William McKain are trying to be proactive in addressing the liability. McKain said Mt. Lebanon (which has a 2008 budget of $44.6 million) began annual contributions of $250,000, starting in 2007.
Link: pittsburgh.bizjournals.com/pittsburgh/stories/2008/08/11/story10.html
Labels: finance, municipality, pensions
0 Comments:
Post a Comment
<< Home