Found this today
here is part
Overall debt ratios, excluding self-supporting debt, are moderate with debt per capita at $3,106 or 4.7% of market value. The debt amortization rate is rapid with 70% paid off in 10 years. Worcester's combined long-term liabilities related to retiree benefits are large. The city's pension funded ratio was 71% as of Jan. 1, 2011; however, using Fitch's more conservative 7% discount rate assumption, the pension plan would be 62% funded. The city's stated unfunded pension liability at Jan. 1, 2011 totaled $300 million or a moderate 2.5% of market value. The city contributed 100% of its annual required contribution (ARC) of $29.8 million towards its pensions in fiscal 2011, equal to 5.3% of general fund spending. The city budgeted $32.7 million in fiscal 2012 (up 9.9%) and estimates a $35.3 million ARC in fiscal 2013. The city has always made 100% of its required contribution.
The city's unfunded other post employment benefits (OPEB) liability totaled $765 million as of June 30, 2010 or 6.4% of market value (MV), but due to the recent healthcare reforms the city's actuary has estimated that its OPEB liability will be 13% less at approximately $665 million (5.5% of MV). The city funds annual OPEB costs on a pay-go basis.
Let me tell you a little about my friend Cathy - I have a friend named Cathy. You probably have a friend named Cathy, too. They’re probably the same woman. Like any other run-of-the-mill amazing person, ...
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