Saw the report about the bond rating. Looks as if the city has unfunded pension liability of $129.4 million and other debt of $61.4 million. The total of both is $190.8 million. How did the elected officials let it get this bad? $190 million is three full years of taxes. Do they just look the other way?
Here's a quote from the report: "In our opinion, a credit weakness is Melrose's large pension and OPEB liability, WITHOUT A PLAN a plan in place that we think
will sufficiently address the obligation."
Just like everything else in Melrose government - "WITHOUT A PLAN"
How much do all the inflated salaries for all the school administrators and city department heads cost in the increased pension costs today and down the road? These city salaries are through the roof and WITHOUT A PLAN.
After the superintendent leaves in shame because of the civil rights abuses she's presided over, I heard she'll still get 80% of her $175,000 salary -$140,000 every year in retirement - FOREVER. She screws up the schools and still makes the Melrose unfunded pension liability grow higher.
The mayor has presided over the same civil rights abuses. Will he also get 80% of his $125,000 salary in retirement - $100,000 a year? No one is worth such retirement pay. Most other people don't make that while they're working. There should be a retirement penalty for messing up so much of the city and schools.
"WITHOUT A PLAN" for the city, but they've certainly planned well for their own retirements at the city's expense. It's sickening.
What about all the " retirement " costs the City is liable to provide Morty?
What about the GIC " forever " costs Billy Forbes and other 10 year vested BOA steal from the City? It is so important that MBMM and Tramontozzi get defeated....NO, NO on the Overide !!!!!
Don't know about the Mayor or the Super, but cops and firefighters must be at least 55 and have completed 32 years to get 80%. No overtime or detail money is included in that calculation.
The Super is probably a member of the State Teacher's Retirement system. Don't know what the Mayor's deal is, or what system he might be in.
There is a plan. The override.