According to Steve Brozosky the City has a present value of 120 million in pension obligations owed to city workers and only 40 million set aside.
The school district owes around 15 million to it's retirees.
(Brozosky was quoted in this week's Independent Newspaper).
This issue is big. Mayor Hosterman did not seem to concerned about it in her debates with Steve Brozosky. She likes to compare Pleasoanton's situation with cities that are worse off. Kind of like saying the upper cabins on the Titanic are safer than
the lower ones.
The only way to address the issue is to reduce pension and medical benefits for city employees. They are far too generous.
It is often said that these benefits are necessary to attract the best employees.
There is a problem with this arguement: Virtually all cities, counties and school districts are in the same boat. They all have enormous looming pension and medical obligations. If all of them cut back these benefits responsibly, the public employees in the aggregate will have to accept it.
To do nothing would ensure reduced city services or even worse.
I challenge the City Council and the School Board to tackle this issue at once.