The city's pension plan continues to bleed money with estimated losses this year alone at 30 to 40 million dollars. That word has recently been delivered by the city's actuary.
Common Councillor Chris Titus pulls no punches on how serious an issue this has turned into. He calls it a crisis with those who have to be part of the pension plan don't appear to be listening.
Titus is even suggesting the plan may have to be stripped bare and rebuilt.
Councillor Bruce Court says the system is broken and with the latest projected losses, the city will be looking at 14 or 15 million dollars in cuts next year if the tax rate doesn't go up.
