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"According to the city’s professional actuaries, Warwick’s largest pension plan is just 22.3 percent funded and, as of June 30, 2011, had a staggering liability of $242,127,650."- http://www.golocalprov.com/news/new-councilman-says-time-is-running-out-for-warwick/ This Article is from 2012. Also note this Councilman is NOT Bob Cushman but Joe Solomon.

From 2011, "(Warwick has an unfunded health care liability of $258 million according to a recent auditor general’s report). And that doesn’t even take into account the city’s unfunded health care liability, which according to a recent Auditor General’s report, tops $300 million"- http://www.golocalprov.com/news/warwick-facing-pension-meltdown/

From the same Article, Avedisian "consistently pointed out that it, saved $8 million in the future. Perhaps, but “the future” is a pretty vague term. In fact, Avedisian, 47-years-old, will be far into retirement by the time the city realizes $8 million in savings. According to actuarial reports, Warwick will not save $8 million (in one fiscal year) until 2049. Avedisian will be 85-years-old." -http://www.golocalprov.com/news/warwick-facing-pension-meltdown/

Mr Marciano, since you state in your letter, that you and the board "retains actuaries and investment advisors of the highest caliber to assist with the execution of our fiduciary responsibility to the city, the taxpayers, and the members of the pension system", at what point then did you choose to ignore their advice and/or data telling you the LARGEST pension, Police and Fire I is poorly funded and decided instead to be a cheerleader for yourself, the board, and the Mayor and tell people that everything is fine. I am sorry to say, The Emperor has No Clothes, everything is not fine, we are in a financial crisis. 97% of all new tax dollars are going to Pensions and Healthcare. it is unsustainable.