Archive for December, 2011
Last week we had the shocking news that MLGW will give bonuses. Thanks to the unanimous 5-0 vote, MLGW’s full-time employees will receive a $750 bonus while part-time employees will get a $200 bonus.
Now we have all three local government bodies, Shelby County, Memphis and MLGW giving Christmas bonuses. Shelby County is in better shape than the City of Memphis but none of them should be giving out bonuses in these financial hard times.
But consider MLGW. I have been studying MLGW for some time and their finances are fascinating. Their salaries, benefits, pensions (more…)
Last Tuesday the City of Memphis Administration and the City Council had a chance to really reform the pension plan and save taxpayers a lot of money. However their first and foremost consideration was what the unions (the recipients of the taxpayers money) thought of their ideas rather than the (more…)
Last June (2011) ShelbyCounty reformed their pension system with important changes. Keep in mind that the Shelby County pension system was in much better shape than the City of Memphis. Their pension system is fully funded and their OPEB (retiree health care and life insurance) fund has an unfunded liability of $261 million dollars.
Now consider the City of Memphis. The City administration and certain members of the City Council put forward certain needed (more…)