Pension task force wraps up work | News
JACKSONVILLE, Fla. -- An in depth study into the city's $1.7 billion police and fire pension deficit has been wrapped up at city hall.
The Jacksonville Retirement Reform Task Force is recommending benefit reductions and increasing by $68 million the contribution dedicated to erasing the deficit.
The recommendation to raise money is to put before voters a half penny sales that would generate 68 million a year. The city council would have to vote on whether to put a sales tax on the ballot possibly this November.
"We inherited a whirlwind, we are at the end of the line. It's all built up over a number of years, now we got to resolve it," said City Council President Bill Gulliford.
On Thursday, the task force will share its 56 page study with Mayor Alvin Brown. The mayor believes a viable option is his plan that would involve the Jacksonville Electric Authority increasing its contribution to the city by $40 million. The JEA is still crunching the numbers to see what the impact would be on rate payers.