For the past two years one of the most nettlesome budget issues faced by Oakland has been its unfunded and underfunded benefit liabilities. As recently reported by the City Administrator, Oakland presently faces an underfunded CalPERS liability (Oakland's current pension plan) in an undetermined amount, a completely unfunded health benefit liability for retirees of $520 million (sometime referred to as "Other Post-Employment Benefits," or "OPEB") and an unfunded $494 million liability for the PFRS retirement plan.
See who the only public speaker was at this #OakMtg about borrowing $250,000,000 more in debt from Wall Street Banks - deals orchestrated by Oakland City Council reps Jane Brunner and Rebecca Kaplan. #OWS #OO
