ORMOND BEACH -- Mayor Ed Kelley gave his city commission colleagues and the public a dose of reality regarding unfunded pension liability issues.
According to the minutes of the April 2 Ormond Beach City Commission meeting, the mayor said Stockton, Calif., recently became the largest city to file for bankruptcy in the U.S. Kelley said Stockton was almost a billion dollars in debt and was driven to that primarily by unfunded pension liabilities.