I commend to you the following article.
Duluth
struggles with retiree health costs
Minnesota Public Radio - Saint Paul,MN,USA
... obligations to retirees. According to Winson, until GASB
rule 43, Duluth's health expenses were worrisome, but still manageable.
...
As you read it, please consider two facts:
Fact 1: Duluth, MN has roughly the same unfunded city employee retiree health liability as Newport ... both are about $150 Million.
Fact 2: Duluth is 10 times larger than Newport.
Newport is likely a contender for the Guinness World Record for the "Largest Per Capita City Employee Retiree Health Liability."
Anyone care to submit the record setting claim to Guinness? Go to http://www.guinnessworldrecords.com/index.asp . Newport's claim would fall in the category of "History & Society << Big Money"
Mike Cullen