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A pension deal with heavy lifters aboard

Tuesday, May 24, 2011

image Before today’s triumphant announcement of a pension deal, Mayor Ed Lee had said that a plan to prevent San Francisco from going bankrupt within 5 to 10 years would need to save $300 million or more per year. The plan announced today figures to save up to $1 billion over 10 years, says The Bay Citizen. Math explanations undoubtedly to follow.

Add deal: With nine of the 11 supervisors on hand for today’s announcement, the proposal looks headed for the November ballot with all major players on board—the mayor’s office, supervisors, most labor unions, the Chamber of Commerce, and most of the mayoral candidates.

Noted: Maybe the guy with the most to celebrate: investor Warren Hellman, who six months ago convened the talks that led to the deal.

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