David Brauer wrote on May 23: Concerning City Debt. "I also backed out pension debt * also new since 2002, because of a generation of underfunding and a bad stock market that is also not the result of current policy."
This ignores the $25 million of bonding for pension debt...the first for this city or any city in the state. A practice usually done by cities on the verge of financial collapse. As I have said before this could have been avoided by passing the Police pension bill last year and a MERF pension bill I suggested about 3 years ago. Both measures are in a pension bill not passed by the Legislature in the final hours Monday, but an issue that remains alive for the special session. Part of the budget savings was an early retirement plan for MERF covered workers which greatly exacerbated the MERF pension problem. All such plans should always be examined for their effect on the pension plan. It's also of interest that the city council issued the bonds even though the much esteemed Board of Estimate and Taxation did not approve them. Phyllis Kahn State Rep 59B. REMINDERS: 1. Be civil! Please read the NEW RULES at http://www.e-democracy.org/rules. If you think a member is in violation, contact the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A Civil City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[email protected] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
