Friday, August 20, 2010

the tree that falls in the forest

By my reading of the calendar, there should have been a meeting of the City of Pittsburgh Pension Board yesterday where those hordes in attendance would have learned the most recently quarterly numbers on the state of the city's pension fund.  Might be a little bit of interest to all those looking at the parking lease since the state of the pension fund will determine how much the parking asset monetization needs to raise to get the system to a notional 50% funded and thus abate the dreaded state takeover.  Basically, the less money in the pension fund, all that much more is needed to make the parking monetization worthwhile. 

So I either have the date wrong and the meeting didn't happen when I thought it did or nobody bothered to notice. I dunno.  Anyone know the answer?


Anonymous MH said...

Anyone know the answer?

Vonnegut went to CMU before it was CMU. Wait. Wrong thread.

Friday, August 20, 2010 11:29:00 AM  
Anonymous BrianTH said...

I don't know the answer, but I am posting to raise a related issue. Given the way the state is likely to calculate the City's pension fund makeup contributions after a takeover, I'm not sure the lease is worthwhile only if it prevents a takeover. For example, won't the state-mandated makeup payments be a lot higher if it is $300 million the City has to make up, rather than $100 million? And wouldn't that difference be more than the near-term expected revenues from the parking assets?

At least that is my understanding. And if so, I would think the lease makes sense either way.

Friday, August 20, 2010 11:30:00 AM  
Blogger Bram Reichbaum said...

Sometimes these boards skip a month in August, but nah I dunno.

Friday, August 20, 2010 11:55:00 AM  
Anonymous Anonymous said...

The meeting is this Thursday, 8/26.

Monday, August 23, 2010 3:11:00 PM  

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