Original post made by Concerned about hidden debt, Castlewood, on Jan 10, 2011
The current unfunded entitlement liability incurred by the city is estimated at $290 Million. We need to know how the city plans to address this issue.Today's entitlement expenses consumes approximately 18% of the entire general budget of Pleasanton . In 2002 this was approximately 1% of budget.Employer contribution costs for entitlements are expected to go up 31% over the next 3 years. The fiscal problems are only getting worse!Pension and medical plans for Pleasanton workers have now reached severely underfunded levels....well below the 80% critical funding levels needed to be considered healthy. Again, this foretells severe increases in future expenses for the city and the $290M in unfunded liabilities.Since 2002, the Pleasanton city budget has grown by 47%, however, the portion of that budget allocated to entitlement obligations has grown by almost 400%. This growth is projected to continue and is unsustainable. The city is currently negotiating the city worker's contract with the union. It is unclear whether the city is negotiating with the upcoming fiscal challenges in mind. This is why we need public hearings on the fiscal situation before any future contracts are signed. Please sign the petition urging the city to hold public hearings on the issue here: Web Link
This petition is just asking for public hearing on the issues, so everyone is properly informed! Once the city outlines the fiscal situation, then we can all work together and figure out how to best solve the problem.
PTP and Tri-Valley Patriots