Drip, drip, drip....

Check out this quote from the RTD...

"Under the new accounting standard, almost $15.2 billion in unfunded teacher pension liabilities would have to be divided among local school divisions and the governments that fund them. The change would result in an estimated new liability of almost $544 million in Chesterfield County and $507.4 million in Henrico County."

So if The Taxpayer understands this... Add another $544 million to the existing $645 million in unfunded pension liability and one has nearly a $1.2 billion unsustainable promise to Chesterfield employees that the administration cannot keep. YIKES!!

"Local school divisions pay a share of the cost of teacher pensions, but they will show all of the unfunded liabilities for the teacher retirement plan on their financial books in two years under new standards adopted by the Government Accounting Standards Board"

How much higher will the true unfunded liabilities be in two years?? We are guessing another $500 million!! (Why not it is only paper and we will have printed more QE infinity dollars by then)

"VRS will set rates for hundreds of local government retirement plans in November. Local governments must pay the VRS rates, but the General Assembly and governor determine how much Virginia will contribute to state employee and teacher retirement plans."

Just one more drip in the NO bucket for a vote on the meals tax in NOvember.

The Taxpayer puts the NO in NOvember.

http://mobi.timesdispatch.com/richmond/db_37627/contentdetail.htm?contentguid=VwtZqT4k