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WatchSonoma
WatchSonoma Watch
GUEST OPINION: The train wreck ahead for Sonoma County

Here is the gravity of our county’s financial situation. From 1991 to 2000, the county spent $108 million on pensions, an average of $10.8 million per year. From 2001 to 2010, the county spent $302 million on pensions, but ended the decade with a $330 million liability and $515 million in pension bond debt. Added together, the average cost was $114.5 million per year, 10 times more than the previous decade. These numbers may sound shocking, but the reality of the situation is much, much worse because these numbers are based upon accounting gimmicks and overly optimistic investment return assumptions.