The strong denial by city officials is a big obstacle to solving the Coronado Pension Debt problem. But interested residents can reject the old myths and demand a solution now.
This is the third article in a seven-part series about the Coronado Pension Debt problem. You can read the first article here and the second article here.
The Coronado Pension Debt has been growing and compounding over time. The city is in a deep hole of Pension Debt. In reality, Coronado doesn’t have enough tax revenue to pay it off in full now.
For obvious and disappointing reasons, city officials try to weasel out of their personal responsibility for the Coronado Pension Debt problem. Our city officials want to kick the can down the road. They spin it that they’re waiting for CalPERS to “tell us” what our Pension Debt is “in a couple of years.” This is unacceptable.
But they’re misleading the public because city officials already know what is the Pension Debt. They are playing a political game at the expense of Coronado taxpayers and employees. It’s time to grow up, stop playing and get real. Our taxpayers and employees deserve respect and better treatment.
In my opinion, we have to make paying our enormous Pension Debt the highest priority NOW because it’s the right thing to do for employees, for taxpayers, for residents and for future generations. Our community expects our City to attract and retain qualified workers with a sustainable and “funded” (paid for) Pension program. In plain language, this means that the best workers stay in cities with an absence of Pension Debt because that’s key evidence of a financially stable employer . . .
Continue reading this article at DailyCoronado here.
