A.G. Gancarski
On Monday, the Jacksonville Civic Council issued a statement supporting the pension-tax referendum, joining other community stakeholders in backing “Mayor (Lenny) Curry’s campaign to address Jacksonville’s unfunded pension liability by identifying a dedicated funding source and lowering future pension costs.”
Since 2013, the Civic Council has keyed in on what it calls the “critical issues arising from the City of Jacksonville’s significantly underfunded employee pension funds, most notably the Police and Fire Pension Fund (PFPF).”
If the referendum does not pass, “the city’s annual required contribution will continue to increase and the city simply cannot operate with such a large proportion of its budget dedicated to pension costs. Therefore, we endorse the comprehensive pension reform and funding referendum proposed by Mayor Curry and unanimously approved by the City Council.”
“We endorse Mayor Curry’s pension reform and funding proposal. Comprehensive pension reform requires leadership and a disciplined approach to benefit reform, which the mayor has shown. When “Yes for Jacksonville” is approved by the voters, the city will be on the path to a sound financial future and will be able to avoid finding itself in this position in the future,” asserted Chairman Ed Burr.
The release denotes the benefits the referendum’s passage: “a stable and dedicated source of recurring revenue to pay down the unfunded liability of all three of the City’s pension plans”; closure of “defined benefit pension plans in favor of retirement benefits that reflect current market practices; and a more equitable balance of “employee and city contributions toward the cost of retirement.”
