Thursday, June 19, 2008

Nashville Taxpayers owe $1.96 billion AT LEAST

for pensions and OPEB (other post employment benefits) for Metro employees and teachers. And this doesn't include NES....don't know how much that is....more info as it becomes available.

Recent changes in accounting rules require state and local governments to disclose this GASB 43/45 liability and for the first time taxpayers know how much we owe for this debt and that it is growing to huge amounts.

Although, the debt is noted in financial statements, it is NOT reflected in current budgets. Joe Saino, in Memphis has been doing great work on finding information on this huge liability.

Joe estimates now that the Memphis/Shelby County taxpayers owe $3.125 billion.