Dallas (WBAP/KLIF) – There are new concerns about the Dallas Police and Fire Pension Fund which shows a $3-billion budget shortfall, according to the latest stats presented to a Dallas city council committee last week.
Kelly Gottschalk, Executive Director of the pension system told city council’s Government Performance & Financial Management Committee that there is $5.2-billion dollars in liabilities and $2.2 billion in assets, but that the shortfall was not unexpected.
Gottschalk noted that benefit payouts from the fund outpaced contributions in 20-21 by $100-million dollars. She also noted challenges with the stock market added to the shortfall issues.
She said that any viable resolution would mean big money from the from the city.
The news comes some five years since the fund nearly collapsed, but Gottschalk said that the fund is not at the crisis level that it once was.
Over 10,000 active and retired fire and police officers and their beneficiaries in Dallas receive payouts from the fund for retirement, death and disability benefits.
(Copyright 2022 WBAP/KLIF 24/7 News.)