By Ryan Lillis, The Sacramento Bee
With the amount of unfunded debt the city of Sacramento faces over the next three decades, you could build a light-rail line to Sacramento International Airport. And when you got there, you could build another terminal.
That’s the stark message delivered Tuesday by City Manager John Shirey, whose office laid out the city’s nearly $2 billion in unfunded liabilities to a subdued City Council. Those bills include bond and lease payments on public projects, pension contributions and retiree medical benefits – some of which have no stable funding source.
It was the first time those mountainous obligations were presented to the City Council as a whole. But with a council that includes two new members and is entering another round of budget discussions, it was a statement that needed to be made to avoid future difficulties, Shirey said.