However, the long-term financial picture is even grimmer. The City’s unfunded pension overhang is about $700M+ and climbing while the School Board pension overhang is about $100M+. To give you an idea of the scale of the problem, this obligation is about the size of the City’s entire operating budget of $765M for 2024-24.

We know two things that can help us through this trying time. First, we must immediately start living within our means in all areas: fiscally, socially, and environmentally (our water sustainability plan and recycling plan are a shambles). 

Read More: https://smmirror.com/2024/11/s-m-a-r-t-column-your-city-is-broke/