Coral Gable Pension Liabilities–Unfunded and Unmanageable
March 23, 2021 Leave a comment
During at least the last 15 years we have heard about the unfunded pension liabilities and the multiple promises of commission candidates to fix the budget problem. None have been able to do so–more empty promises.
Solutions to the problem are fairly obvious but the city manager and the commission have been reluctant to make the changes. Better to put off to future when neither the manager nor the commissioners will be around.
The solutions are simple but require political acumen: raise taxes, reduce overall salary costs, change pension plans to lower cost ones, and cut back on public security overhead costs. Revenue costs would help but the city runs on the knife edge of deficits and any increases go into capital outlays and staffing.
About Stephen E. McGaughey
Coral Gables Watch 