As The Times' Rich Connell reports, pension spending is a growing concern for city budget planners. The city could face a $1-billion budget shortfall in 2010-2011, and an even larger deficit the year after, chiefly because of pension investment losses, according to the city’s top budget analyst. Connell's review of city records found that Los Angeles Councilman Bernard Parks, City Hall’s budget committee chief, who is warning that soaring payroll and pension costs threaten the city’s financial stability, receives $22,000 a month in city retirement benefits in addition to his $178,789 a year salary.
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$265,000 + 178,789 = $443,789 total
Just one example... No wonder California is in financial trouble -- Bill
