PROMISE WITH A PRICE: A Report from the Pew Foundation:This report focuses on the looming crisis due to unfunded liabilities for public employee retirement and health care benefits. The report notes that the long term costs of retiree health care have received relatively little attention by the public. For many governments the actuarial unfunded liability for non-pension benefits is greater than their unfunded liability for the pension plan. This certainly is the case for the Shores when you review the current liabilities in our pension and health care reports, which are the next two source documents.
The real question is: why did our incumbents let the Shores get so deep in the hole with our legacy costs? The 1096 tax paying households in the Shores cannot afford to keep sustaining these rising obligations!