Looking for Light in the Middle of the Tunnel

Looking for Light in the Middle of the Tunnel
"Liabilities to the police and fire pension funds have increased over the past year from $145 million to about a $158 million, Mr. Lyons said, and next year's contributions will increase from $12.7 million to about $14 million.
That figure does not represent the full make-up amount, Mr. Lyons said, because 'the actuary [Gabriel Roeder Smith] is smoothing it out for us [over more than one year].' Both pension funds are about 40 percent funded, he said, and that percentage [of the amount funded] will 'continue to drop because of the actuarial smoothing process.'"

It's the spending stupid!