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Business special report also frightening California on the brink.
A growing number of California's cities are in worse shape financially than previously thought.
Thanks to new changes coming in the way that states and cities must account for growing pension costs.
And here is Elizabeth McDonald's out with more on that -- up which cities are we talking about ticket -- title -- -- donor day we're talking about Los Angeles San Jose San Francisco.
Inglewood and as zoos and what we did was we went trick -- out -- called state budget solutions is a former government actuaries.
The did the number crunching based on new methodology coming out and Moody's Moody's has taken a hard look at thirty.
Cities in California also the government account that accounting standards board is coming up with new rules by the end of this month -- -- -- -- amount nationwide.
Weird cities and towns across the country including states.
Have to do better at basically fixing the way they report their pensions this is only pensions doesn't cover health care.
And -- what we're seeing is Los Angeles 23 billion dollars more would be a load.
Two that government workers in their pensions.
People are paying out around 41 billion now Sam -- -- 05 point three billion more than the nine point five billion it says that those -- rose six billion that that basically 06 billion.
One point by Billy -- but the here's a deal we found in the state of California.
A number of government retirees are getting big fat cat payouts take a look at this you get a C sanitation worker in Los Angeles getting about -- -- an 80000 dollars a year just intentions -- -- better -- librarian San Diego touring 34000 there.
A retired lifeguard in Newport Beach 108000.
In pension and health care benefits 94.
Governor workers in the bankruptcy of Stockton get a hundred K plus a year in pensions so.
We're we're seeing is these across the state of California guys.
That new term technically insolvent you're not gonna hear a essentially whether or not these cities -- going.
Bankrupt that they're being doing what's being called technical technical insolvency.
Where they're cutting back on city services like cops firefighters and garbage man.
And possibly merging their cities across the state of California this -- a trend that's gonna take hold nationwide because.
The -- as -- is also going to take on health care benefits.
Four retired government workers were only talk about pensions now so that number's gonna get bigger 329 billion dollars is what California's -- that's about double.
What it's reporting for its government pensions back to you guys.
Another scary story for different reason that we talked about previously been reported must always Douglas -- thank you -- This isn't scary -- more.
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