Counties Still Ignore Pension Tsunam

Counties Still Ignore Pension Tsunami CalWatchDog
As the Northwestern University Kellogg School of Management reported in October 2010, Kern County is facing a situation in the “best case” where 51 percent of its General Fund would have to be dedicated to paying pensions by 2019.
And in the “worst case” situation, 82 percent of its operating budget would have to paid for pensions by 2015:
Percent Municipal Revenues Consumed by Pensions
CountyBest Case
(2019)Worst Case
(2015)
Fresno County78%142%
San Diego Co.62%119%
L.A. County41%91%
San Bernardino County45%90%
Kern County51%82%
Ventura County38%76%
San Francisco34%74%

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Kern County apparently is on track for the worst-case scenario.
But labor leaders are still true believers, just as Bernie Madoff’s investors were.