Tuesday, December 14, 2010

Unions sue Lake Worth over city's use of financial woes to trim pay, benefits

Click title for link to PBP article. Susan Stanton is quoted as follows:

"The unions have continued to assert that the city is in a strong financial position," Stanton said in an e-mail. "That is contradicted by the assessed valuation of the community tax base, a $3.2 million projected operating deficit in fiscal year 2012, $58 million in unfunded accrued pension liability and the high cost of operating and reinvesting in the community."

The taxable value of Lake Worth property has dropped dramatically in recent years, from a building-boom peak of $2.1 billion in 2007 to $1.1 billion this year.

Strange how little of this we heard during this past campaign season. The city keeps telling those that it aggrieves: Join the long, gray line.