Yesterday, the Florida Senate Finance and Tax Committee unanimously passed Mayor Lenny Curry’s pension plan legislation. The bill would allow the City to extend an existing sales tax to pay down Jacksonville’s crippling pension debt. The bill must be approved by one more Senate committee before moving to the floor of that chamber. The House State Affairs Committee will consider the bill Feb. 10.
Pension debt is the greatest threat to our city’s financial future. Currently, Jacksonville owns more than 25 percent of total unfunded pension liability of the more than 400 cities and counties throughout Florida. The City pays an additional $160 million a year over its normal pension contribution for its three public pension funds, representing nearly 20 percent of the total operating budget.
Watch the full Senate Finance and Tax Committee meeting on the Florida Channel