Please look at the City of Irvine and see what & how they consistently do to have excellent financial management? Irvine has very modest unfunded pension liabilities & retire health care benefits. Virginia Beach has about $1.234 Billion in unfunded liabilities & retiree benefits.
Irvine also has modest “Other liabilities” that appear to be very financially sound when compared to Virginia Beach debt that is around 1.2 Billion. (yearly VB debt service is around $170 million?)
The City of Irvine was reviewed using five factors:
- “The ratio of a city’s general fund balance to its expenditures
- “The ratio of its long-term obligations to total government-wide revenues
- “The ratio of actuarially determined pension contributions to total government-wide revenues
- “Change in local unemployment rate
- “Change in property values.”
Virginia Beach Debt chart provided in Finance presentation.
Is it time to furlough staff, like Norfolk has done as they cut the Norfolk budget by multi-millions and over 4.4 percent?