Posted in Politics

City pensions lose $38.8 million

   February 19, 2009

The City of Pensacola has posted its comprehensive financial reports on its website. The Stock Market collapse has significantly hurt the city pension plans:

Investment income
Net depreciation in fair value of investments ($43,836,145)
Plus: Interest and dividends $10,384,954
Less: investment expense $1,033,918
Net investment income ($34,485,109)

The City contributed $11.99 million to these pension in 2007-2008 fiscal year. The employees contributed $1.42 million and the City added recaptured commissions and insurance proceeds of $2.41 million. The pensions paid out $19.27 million.

Net change in the pension funds: $38.8 million.

General Pension: ($19,216,322)
Firemen’s Pension: ($13,888,490)
Police Pension: ($5,700,732)

Now tell me again how the city pensions aren’t a problem for the taxpayers.

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