Each Colorado taxpayer’s financial burden equals $2,800. Read report here: 2009 Colorado Financial State of the State Share and Enjoy:
—– When calculating the funds needed to pay future retirement benefits, the Colorado Public Employees’ Retirement Association (PERA) assumes assets will return a rate of 8% in the future. But in the audited financial report PERA notes the following: “For the year ended December 31, 2009, the total fund had a rate of return of [...]
(Durango Herald News) The good news: State government should be able to make it 10 more days, to the end of its budget year, with money in the bank. The not-so-good news: In August, Gov. Bill Ritter will have to declare a fiscal emergency to propose an additional $75 million in cuts. And the bad news: [...]
(The Economist) After markets took a dive during the financial crisis, pension funding ratios (the ratio of assets to liabilities) fell. Plans generally have several years to make up their loses, by increasing contributions, to restore balances to meet the required funding ratio. But instead of just upping contributions, some state pension plans are also [...]
The Pew center said on Wednesday that Alaska, Colorado, Illinois, Kansas, Kentucky, Maryland, New Jersey and Oklahoma had, in essence, failed its new test because they made no meaningful progress on keeping their retiree benefit plans sound. The worst case was Illinois, with a $54 billion gap between the cost of the benefits it had [...]
Colorado Comptroller’s website: http://www.colorado.gov/dpa Colorado’s Comprehensive Annual Financial Reports can be found at: http://www.colorado.gov/dpa/dfp/sco/CAFR/cafr.htm Colorado is required to pass a “balanced budget”. Article X, Section 16 of the 1876 Constitution prevents appropriations from being passed which would exceed tax revenue. Despite this provision, Colorado reported a budget deficit (negative net transactions) for each of the [...]
