Long-Range Planning Group Head Reports a Deep Hole in F.C. Pension Fund

To the surprise of almost everyone at the Falls Church City Council work session tonight, the head of the City’s new Long-Range Financial Planning Working Group reported that, contrary to a report by an independent auditor earlier this year, the City’s civil service and police pension funds are currently funded at only 80 percent of their obligations, amounting to a $15 million “hole” that the City will have to determined how to close.

Richard Sommerfield’s disclosure was made in the contest of a report to the Council on initial recommendations of the new planning body made up of volunteer City residents.