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A High Wire Act Without A Net – Novato’s Financial Condition
Apr05

A High Wire Act Without A Net – Novato’s Financial Condition

Is Novato going bankrupt? In the short term, no. In the long term, probably yes. Why? Because the California Public Employees’ Retirement System (CalPERS) is sucking money out of local city treasuries to keep afloat a $360 billion pension system that is underfunded by $150 billion. Furthermore, CalPERS is generally recognized by arms-length non-political assessors as being not well or responsibly managed. Others in the financial...

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