Auditor: Mayor Reed relied on pension assumptions

August 21, 2012 6:12:31 PM PDT
A state auditor said that San Jose Mayor Chuck Reed relied on assumptions and not hard figures when he claimed the city's pension costs would skyrocket to $650 million by 2015.

Reed used that number repeatedly while campaigning for his pension reform plan, which was approved by voters in June. A report released Tuesday by the California State Auditor determined that figure was unsupported.

"There's nothing to argue about. The facts are the facts. People have a difference of opinion as to what they think the future might bring. But that's always the case. As Yogi Berra said, 'It's difficult to predict the future because it keeps changing,'" said Reed.