No, there’s a $250M deficit annually, and a total of $10B in future liabilities. Coincidentally, that is the same amount as the entire annual budget. But $10B is the right number.
"Using the official numbers, San Francisco is $10 billion in the hole ($4.2 billion of health care liabilities, plus $5.8 billion of pension liabilities)."
Then later, he estimates that the actual amount is approximately twice that, since the official ten billion figure is based over optimistic assumptions.
He states that it could be twice that not that the actual amount is that value.
He was stating that the 7.5% return they wanted is not likely, that 6.5% is much more likely, and that he wouldn't be surprised if the return was less than that 6.5%.
