So I probably overstated the issue a bit in my last post. Just to be clear, when we run a $3 million deficit in 2011, we will still have the $40 million "rainy day fund" to handle that sprinkle and the next year's $15 million shower, not to mention a year or two of shower's after that.
But two things genuinely bother me. First, by signing off on a budget with built in deficits in four years, the state/ICA is making it clear that not only do they not care about the City's pension shortfall or debt, they do not care if the city makes it short term operating obligations. I see no reason to think we will ever get out from under Act 47 oversight, or if we do it will only be for a couple of years.
Second, when did the media know about this? Since late September? Or was it something that just came out after ICA approved the Mayor's budget. It might have made a difference at the candidate's forums. DeSantis had a copy of the Mayor's budget, and he might have found out. If so, the man is bucking for sainthood in his self restraint. Surely that would be a good issue to nail the Mayor on, after the Mayor has bragged about his balanced budgets.