ORMOND BEACH -- Mayor Ed Kelley gave his city commission colleagues and the public a dose of reality regarding unfunded pension liability issues.
According to the minutes of the April 2 Ormond Beach City Commission meeting, the mayor said Stockton, Calif., recently became the largest city to file for bankruptcy in the U.S. Kelley said Stockton was almost a billion dollars in debt and was driven to that primarily by unfunded pension liabilities.
Kelley noted that the municipality could not include the pensions in the bankruptcy, because they were in the California pension system.