Total City Expenses over the Last Ten Years
The City spent in total
- $71.522 billion in 2015
- $120.125 billion in 2025
That is a 68% increase over 10 years.
Investemt Expenses for the Five City Pension Systems
The City's five pension systems investment expenses were
- $0.709 billion in FY-2015 with $178.389 billion in assets
- $2.306 billion in FY-2025 with $325.419 billion in assets
That is a 225.7% increase in expenses with a 83% increase in assets over ten years.
Something is wrong.
I could run that portfolio with my eyes closed at 20 basis points per year and make more money.
FYI - 20 basis points on $325B is $650 million.
A real expert could do it for 10 basis points and make even more money.
Administrative Expenses for the Five City Pension Systems
Over the last ten years the administrative costs for the five systems increased from $170.7 million (2015) to $312.7 million (2025).
That is a 76.3% increase over 10 years. (The Fire Fund didn't start its budget until 2018 at $6.4 million)
