JACKSONVILLE, Fla. – If passed, the half-cent pension tax would save the city of Jacksonville $40 million being spent on the pension deficit, Mayor Lenny Curry said Monday.
All 19 members of the Jacksonville City Council voted last month to put a referendum on the August ballot, asking voters to approve a half-cent sales tax to pay off the city's multibillion-dollar pension deficit.
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Curry emphasized that it's not a new tax for the public.
If passed by Duval County's voters, the sales tax currently funding the Better Jacksonville Plan -- the new Duval County Courthouse, downtown library, arena, Baseball Grounds, City Hall and other capital building projects -- would be replaced in 2030 with a tax dedicated to paying off more than $2 billion in pensions for retired police, firefighters and other city employees.
Curry said the $40 million would be used to pay down the city's pension liability crisis, which would allow the city to use existing operating dollars for important city needs, like public safety and hiring more police officers.
"We are on a financial cliff. The city is spending $260 million this year alone in pension costs. It's simply not sustainable. I want to solve it once and for all, for all our kids and grandkids. And a solution has to be comprehensive," Curry said.
A vote on Curry's pension plan is set for Aug. 30.