SF pensions could further deepen city's debt

June 24, 2010 4:54:23 PM PDT
A new civil grand jury report says San Francisco is facing unprecedented pension costs that could further drive the city into the red.

The report is called "Pension Tsunami: The Billion Dollar Bubble."

It says the city's pension costs will swell from $413 million to $1 billion a year in the next five years.

Next year alone, some $63 million will come out of the city's general fund to help pension costs.

The grand jury says unless the issues are addressed all other city services could be in jeopardy.