4 ms·
What in the hell are they spending money on? Salaries and Pension obligations. If SF was going to make one great budgetary fix it would be to move away from p
by mikeryan 6y ago
What in the hell are they spending money on?
Salaries and Pension obligations. If SF was going to make one great budgetary fix it would be to move away from pensions for public employees and move to a more traditional 401k retirement funds. The amount of money the city has to continue to pay to fund pension obligations is obscene. My Mom married an ex SF firefighter. He had done his 25 years, retired around 50 and lived to 92. Full Pension for 40 years and now my Mom gets a chunk. She was his second wife and married him 25 years after he left the department. Great for her...
https://www.openthebooks.com/forbes-why-san-francisco-is-in-trouble--19000-highly-compensated-city-employees-earned-150000-in-pay--perks/ https://www.openthebooks.com/forbes-why-san-francisco-is-in-...
- selectodude 6y agoYeah but Chicago pays for those things too, maybe even moreso. Are the SF pensions actually funded correctly?
- mikeryan 6y agoNo San Francisco is underfunded and they've been added to by Voter initiatives. They also suffer from issues where they've had to increase pension obligations as the Cost of Living has increased at a greater rate than elsewhere. A few years old... https://www.bizjournals.com/sanfrancisco/news/2017/07/11/san-francisco-pension-liability.html https://www.bizjournals.com/sanfrancisco/news/2017/07/11/san... That's the pensions. SF public salaries are also likely 50 to 100% higher than in Chicago.
- throwaway201103 6y agoNo they (Chicago) are not paying for them. They have the obligations, but they are underfunded. That's their big problem.
- edmundsauto 6y agoSince SF is also a county, aren't they also carrying county level costs (multiplied by the high COL factor too).