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Mr. Weaver the pension debate shouldn’t be political.

And it’s not only about rate of returns on investments. There are plenty of other factors that are equally important and since we have incurred extraordinary returns, it still has not resolved the real issues associated with these costs.

The fact is the pension returns have not been close to what Warwick has expected over the years leading to increasing unfunded liabilities and on top of that the percentage of the budget consumed by these costs is increasing at an unsustainable rate.

For example, if I had $100 invested back in 2008 and with the market crash lost 40 percent of the value, it would take almost ten years with sustained compounded returns of 7.5 percent to get back to the original $100. That hasn’t happen.

Oh and with all the great news on pension funds returns, how did the retiree healthcare fund perform?

Oh that's right we don't have a retiree healthcare fund. It’s funding ration is ZERO! We keep increasing taxes to pay for that raising cost each year. It's liabilities are over $300 million. Add in the pensions and bonded debt and Warwick has over a BILLION DOLLARS in outstanding liabilities.

How is all this debt effecting the future of Warwick? I have an answer to that below.

With schools being level funded and all municipal employees not getting raises and paying more for healthcare, why was another tax increase necessary?

You really need to study the budgetary trends and the implications these costs are having on all other programs and service in the city before you make another attempt to justify the path this city is on and the political leaders whose past decisions are responsible.

Mayor Avedisian and most of the city council members past and present haven’t done anything different then the political leaders across this state, both Democrats and Republicans and the past leader in Detroit iwho ran that city nto the ground.

I am extending an Olive branch here. Please take a look at the analysis I have performed regarding municipal spending over the last ten years from official city budget documents and then let me know if you believe Warwick’s fiscal house is in order.

If you interested in really understanding what is going on fiscally in the city I would love to have a respectful conversation with you.

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From: Results speak for themselves

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