City leaders say no.
But their fiscal forecast shows the city’s bill from CalPERS, $13.8 million this year, will balloon to $18.7 million in fiscal 2018, a 36 percent increase.
Vallejo appears to have a rainy day reserve that can cover it.
The talk of a second bankruptcy is almost beside the point. A whopping 36 percent increase to the pensioners means a corresponding decrease in city services such as library hours, police, fire, road maintanance, etc. — a fundamentally anti-democratic example of a municipality twisted into serving the few over the many.
The very idea of a rainy day fund — a hedge against fiscal instability — is undermined. In such a warped realm, bankruptcy is not all bad insofar as it is like an exorcism, casting out the demon possessing the body politic.