Yikes ... this foreshadows what will happen in Costa Mesa when CalPERS changes accounting rules to reflect reality. "The CalSTRS board was told last week that it’s unclear whether the new liability figure will be reported by the state or spread among school districts, where more than doubling current debt might lower credit ratings and drive up borrowing costs. Neither the state nor the school districts have been including CalSTRS debt in their financial statements. The new accounting rules call for pension debt to be added to employer balance sheets."
Posted on: Sat, 21 Sep 2013 13:38:45 +0000
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