Contra Costa County in $2.38 BILLION Hole

and slideshow to be presented to the Board’s Finance Committee by Buck Consultants on May 4.

If nothing changes, the liability for 2006-2007 under the current PAYGO system is $216,325,000 (see Table 2 on page 3 of the consultant’s report). According to new GASB accounting rules, “such liabilities need to be recognized on an accounting basis if not be pre-funded.”

Meanwhile Supervisor Board Chair Gioia, in his best Wizard of Oz imitation, insists that we need not pay attention to the crushing debt and future bond-rating cuts hiding behind the curtain of his definition of a “balanced budget.”