Meanwhile, back at the ranch...Portland's financial position is characterized as "problematic" in the latest audit. There's a surprise!
The city owes some $3.4 billion, much of that due to unfunded pension liabilities due police and firefighters - the city doesn't have accounts to put money into; they pay as tax and fee revenues roll in, sort of like a lot of folks do with their credit cards.
- The city has more debt, however—$3.4 billion in 2014 compared to $2.7 billion in 2005. While the city's population has grown, the city's debt per person has also grown. It increased 14 percent since 2005, rising to $5,630 per resident in 2014.
And the debt's only going up. This isn't a healthy situation, and all the happy talk by Portland politicians about being a "national model for green&sustainable" and streetcars powered by unicorn farts isn't going to make it a healthy - or sustainable - situation.