Council President Darlene Harris and members Patrick Dowd, Bill Peduto, Natalia Rudiak and Doug Shields said they've received the state's go-ahead to shore up the pension fund not with cash but a different kind of asset -- 30 years of dedicated revenue from parking rate increases....The pension fund, now 29.3 percent funded, must be 50 percent funded by Dec. 31 to avoid a takeover by the state. For months, Mr. Ravenstahl and council have skirmished over how to raise the $220 million in cash that would boost the fund to 50 percent. With time running out, council members last week consulted the state about dedicating future revenue streams to the fund instead. [More here.]
For those of us who are concerned about a quality future, this is good news. In some respects, it is a carbon tax. As the cost of driving increases, this source of revenue will dry up. Then what? The wealthy will feel increasing pressure to fund any shortfalls.
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