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.