It looks like we will need to update our banner that shows El Paso’s local government debt totals.
The city’s 2015 comprehensive annual financial report showed the total pension liability at about $392 million.
The external audit for 2016 reports different numbers. The audit firm pegged the 2015 liability at $417.5 million.
Unfortunately the audit tells us that the 2016 figures are even worse.
The city employee’s pension fund net liability increased from $126.7 million in 2015 to $195.1 million in 2016. The 2016 number is 153.9% greater than the 2015 number.
The fire pension net liability grew from $105.8 million to $162.6 million, or 153.6%.
Police pension net liability grew from $185.0 million to $212.7 million, yielding 114.9%.
Our combined liability stands at $570.4 million.
Look for yourself
We deserve better