Sad News: Coral Gables Pension Fund Contribution

As per cggazette.com

The city actuary told commissioners the fund not met its assumptions for eight of the last ten years so therefore, “…future contributions will be much higher than the 50 percent of payroll you’re currently looking at.” Tierney then added, “Hate to be the bearer of bad news, but unfortunately you’re likely not to have seen anything yet in terms of term of a big contribution number.”

It looks as if Coral Gables citizens are in for many years of increasing property taxes unless City services are not strictly controlled.