In a recent article at the Tyee: http://thetyee.ca entitled "BC Teachers Take Pension Hit", It is reported that "Tens of thousands of educators are being told their pensions will no longer grow with the cost of living, and their payouts for medical care will be axed." One suspects that other pensioners will not be far behind as the world financial system unwinds. Yet Nanaimo administrators have seen fit to propose budgets which significantly exceed the cost of living index. How long can this go on? How long will City Council which has been elected to protect the public interest allow it to go on?
This year Council made a start by limiting their own pay increase to the Consumer Price Index (CPI). Already this may be too much. But it is a start in the right direction, and the big cuts are yet to come with the adoption of a budget. Keep your eye on the Nanaimo 2009 budget and the 2009-2013 Financial Plan. What do we really need? And what is fat.
