Excluded from this PS25,000 are debts related to unfunded pensions
, student loans and PFI (private finance initiative widely adopted in building of hospitals and schools).
And, for the first time, specific figures have been collected for municipal unfunded pensions obligations totaling in excess of $25 billion, almost a quarter of debt countywide.
We knew that debt and unfunded pension obligations were serious problems at the state and federal level and assumed that a similar pattern would follow at the local level.
After reviewing that information, Pappas went back to the County Board in January and asked for an amendment requiring these governmental units to report, for the first time, their pension liabilities and their unfunded pension liabilities.
He has a wide range of financial planning experience through working closely with sister company Punter Southall & Co, a consulting actuary, on technical issues, advising on areas such as unfunded pensions
arrangements, executive severances, and more recently pensions A-day planning.
A balanced budget has occurred only because they are using the Social Security surplus payments from the Baby Boomers as if it were general tax revenue instead of unfunded pensions
Many of the continental countries have large debts, as well as massive unfunded pensions