[Summit] city debt

[Jim Kelley]

Ellen,

Briefly, the $600 million of debt refers to the current unfunded pension liability as calculated by actuaries. The most recent report is available on the City's Finance website      http://providenceri.com/finance/

There are various pension agreements. Yes, the city is behind in setting aside the amount needed to pay for the expected level of benefits promised in the labor agreements.

The city has made strides recently to set aside the current full annual required amount. Several reforms have been suggested. Clearly, much more needs to be done.

 







---- e2shatter2 at cox.net wrote: 
> Is this debt the pension shortfall? In Mike Stanton's book about the prince of Providence he says
> that Buddy financed many of his projects by underfunding the city's pension fund. Does the city
> cover pensions entirely or do the employees also contribute? I e-mailed the council members on
> the sub-committee asking them to consider other options to this crisis. anyway, I need some 
> background information and wondered if anyone out there knew anything or where I could find it.
> Thanks.. Ellen shatter
> 
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