Thursday, October 22, 2015

The Misleading Claim that Pensions are Fully Funded

The Misleading Claim that Pensions are Fully Funded

Tarey Read misleads the public that our employee pensions are fully funded.  In December 2014, Thomas Horne warned of the coming crisis in pensions.  We are in a horrible mess with over $3.2 million in liabilities for our tiny district.  David Brown of the Citizen for Sustainable Pension Plans had his letter read at the next meeting destroying her claims.

Did Read not know about the liability or did she intentionally mislead the public?

Read's logic seems to be the same as a bankrupt individual claiming that since she is making minimum payments on her credit card, she is not broke.  The simple fact is that the past Marinwood CSD board on which candidates Tarey Read and Leah Green served vastly overspent our budgets, ignored maintenance and failed to set aside rainy day funds.

The Marinwood CSD should NOT consider bankruptcy but should adapt more fiscal discipline.  Questionable new capital expenditures should be tabled until we stabilize our current finances and improve our cash flows through new recreational programs, rental income and grants.

Marinwood CSD needs a new vision and leadership to correct the mistakes of the past

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