Exploding unfunded pension liabilities for Prince William county government and professional employees of the school division now amount to $2,500 for every man, woman and child in the county, according to new data from Sheriff of Nottingham. That’s with a school board and Board of Supervisors that’s supposedly comprised of Republicans, who love to wax poetic about fiscal responsibility ever four years when they’re up for re-election. Now they’ve hurtled us all towards bankruptcy.
The Schools are the worst culprits, which is hardly surprising given how out of control they’ve been over the past few years, allowing unfunded pension obligations to explode since 2007 as this chart shows:
PWCS Unfunded Pension Liabilities By Year
FY 2007 $366,861,735
FY 2008 $372,494,560
FY 2009 $467,796,082
FY 2010: $697,342,992
FY 2011: $773,130,650
Of course the County Employee numbers aren’t much more reassuring.
PWC Government Unfunded Liabilities By Year
FY 2006 $72,860,000
FY 2007 $76,860,000
FY 2008 $80,104,000
FY 2009 $116,844.000
FY 2010 $200,810,000
FY 2011 $225,355,000
I’d like to know what the plan is for resolving this liability before Prince William County declares bankruptcy as have so many other localities in the past year. Nearly a billion dollars of debt for a locality that is budgeted to collect $790 million in tax revenues in fiscal 2013? That’s utterly unsustainable, and given that these obligations are exploding at more than 10% per year, far faster than we’re ever going to raise taxes in the county, we’re looking at insolvency here in the very near future. There’s no way to meet these obligations with our current fiscal structure in the county. No way at all.
We’re utterly screwed, folks. Taxes are going to explode so we can pay public employees retirement benefits that most of the rest of us will never have, and the kicker is that the ones who set up this disaster are the same ones who claim they’re fiscal conservatives. I can only imagine what the alternative would have been.
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