This is debt that we owe for future obligations for those in our pension plan,” Tadder told the Flagstaff City Council during the February Budget retreat. “The question is not if the unfunded liability will be paid off, but by who and when are we going to pay off these unfunded liabilities.”Tadder added when council passed the 20-year plan to pay of the unfunded liability, it obviously didn’t foresee the changes which increased the unfunded portion. Next stepsCouncil has yet to determine exactly what the city will do to address the issue, but they did discuss some possible solutions at their budget retreat on Feb. 3. Odegaard has long said finding a way to address the unfunded pension liability is one of his top priorities. On Monday, he suggested the city manager bring council a variety of options which it can then choose between if the council has the desire to do so.

Source: Daily Sun February 07, 2020 12:00 UTC