Tuesday night the City Auditor is presenting Comprehensive Annual Financial Report (CAFR) for the year ended June 30, 2015. item 8a.
- Pension liability increases from 363,635,354 to 402,921,606. That’s millions and it is most likely higher based on the market since June 30, 2015.
- OPEB remains at 727,823,149 because we have not updates this number since July 1, 2013. The City Auditor has this in this letter to the Council “this liability has not been updated for any recent actions the City of Worcester has taken with respect to its health insurance that could decrease the liability. Those plan changes will be reflected in the next biennial valuation.”
When is the next biennial valuation? We will find out. According to these statements the overall PENSION and OPEB unfunded liability is $1,130,754,755. Admittedly the OPEB number is old (7/1/2013), but between the 2 it is over 1.1 Billion dollars. houston, we have a problem …..