The payment is climbing because of employee pay raises, weak investment returns and Proposition B penalties.
A new analysis projects annual payments of more than $430 million for the remaining years through fiscal 2027, shrinking the money available for libraries, parks, firefighters and police.
That’s a bit smaller than in years past. That pension debt surpassed $3 billion for the first time in January 2020 and climbed to $3.34 billion in January 2021. But it has decreased two years in a row. But Kalwarski said the primary driver of the higher payments was larger-than-expected pay raises, which the city is giving to cope with significant challenges hiring and retaining workers.
The city faces additional Proposition B penalties related to roughly 2,000 workers who were hired after the measure was approved but have since left city service.
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