1 result for “health care benefits” · budget
Oakland's fiscal year 2019 audited financial report, analyzed by Truth in Accounting, shows the city entered the coronavirus pandemic with a "D" grade financial rating and a total debt burden of $2.3 billion, or $17,000 per taxpayer. Oakland had only $1.7 billion in assets available to pay $4 billion in bills, creating a $2.3 billion shortfall driven primarily by unfunded retirement obligations: $1.9 billion in unfunded pension benefits and $927.8 million in unfunded retiree health care benefits out of $6.5 billion in total promised retirement benefits. The city ranked 67th out of 75 cities in financial health and lacked sufficient reserves to weather pandemic-related revenue losses, with overall debt expected to increase as a result of the crisis.
AI summary