Back over $2 billion
We note in passing that the City of Portland's unfunded police and fire pension and disability liability is back above $2 billion. We had projected it at that level a while ago, but ratcheted back our estimate after the last official announcement of the current liability. Even using a conservative estimate of a growth rate for this debt, it crept back over the $2 billion mark yesterday. And so now it's onward to $3 billion, and beyond.
Comments (1)
I wonder how much variable-rate debt the city has? Any idea? It would be prudent to put the brakes on the borrowing for several years. I hope we get some more fiscally prudent folks in charge after the next election. Not hopeful, though.
Posted by Frank | February 22, 2008 7:54 PM