state of the cities report

The Florida League of Cities says its disappointed Governor Rick Scott has approved a new law changing how local pension reports are interpreted. The group says the new measure makes local pension funds look worse than they already are.

About 60 percent of Florida’s local pensions are 80 percent funded. That figure is used to determine whether a pension program is healthy. Florida League of Cities Kraig Conn says cities are well aware of the figures, and he says a new law requiring the use of a lower rate of return for financial outlooks makes the funds look even worse.