ETHAN HUFF https://www.naturalnews.com/2024-12-10-pension-system-crumbling-milwauk… A newly released Legislative Audit Bureau report on Milwaukee's finances and pension system contains disturbing findings that suggest a crumbling towards bankruptcy type of situation for the Midwestern city. At the end of 2023, the Milwaukee pension system had a net liability of $2.1 billion and a fiduciary net position of $5.8 billion. We also know that between 2022 and 2023, the Administration and Operations Committee of the Board went into a closed session three times, which is improper. In 2011, Milwaukee repealed the closed meeting clause that the Board used as justification for these illegal closed-door meetings. Another 11 closed-door meetings also occurred between February 2013 and December 2021, all using the same bogus clause which is no longer valid. Two additional problems the report identified include the Board improperly classifying all investments and wrongly calculating the net pension liability in employer schedules. "The ending net pension liability was understated by $85.1 million and the total deferred outflows of resources and the total deferred inflows of resources were each overstated by $395.2 million," the audit reads. (Related: Remember earlier this year when a Google Cloud "error" instantly erased a $135 billion pension fund?) Starting January 1, Milwaukee pension system to be absorbed by state Truth in Accounting, which conducted the audit, gave Milwaukee a "D" grade based on its current financial position. As of this writing, Milwaukee owes each and every taxpayer in the city $15,300. "Any city with an average taxpayer burden of between $5,000 and $20,000 was graded with a 'D,'" writes Jon Styf for The Center Square, a Wisconsin media outlet. READ THE FULL STORY - https://www.naturalnews.com/2024-12-10-pension-system-crumbling-milwauk…