City borrows more money for pension obligations
A week ago, the Chron's Carolyn Feibel reported on a "positive" development in the city's looming pension nightmare.
Over at Houblog, Ubu Roi took a closer look, and came to a, um, different conclusion:
This article is pitched as good news, but what it really says is that the City just borrowed an additional $59 million to finance the police pension fund and $41 million just to pay the deferred interest on the previous $300 million debt. The last sentence of the quote makes it obvious that the first sentence is misleading. Worse, the math doesn’t add up. Here’s what happened, if we cut out all the smoke and mirrors.
Go forth and read. And shake your head.
Posted by Anne Linehan @ 12/11/08 07:16 PM | Houston Politics | Print | Comments (7)
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