San Bernardino’s City Council voted to become the third California city this year to file for bankruptcy, as it struggles with declining tax revenue, growing employee costs and accounting discrepancies in its ledgers. Full Story »
Posted by Pamela Hogle
While for-profits and non-profits were required to fully fund their unfunded pension requirements, beginning in the 1970s, city an state governments lobbied had to be exempt from this requirement. To list pension costs as a current expense instead of an unfunded prior obligation ignores the failure of all previous administrations to fully include payroll costs in their budget.
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