Council meets over pension deficit
JACKSONVILLE, Fla. – The Jacksonville City Council is once again trying to tackle the $1.7 billion pension deficit.
The plan calls for the city to borrow extra money to try to solve it. Where that money is coming from is still up in the air.
Now there is word that JEA may have come up with an idea that could help find some of the funds.
During a council committee meeting Monday, a former city councilman said he's been working with other community leaders on the proposal and said it will come out soon.
It's expected JEA will discuss it Tuesday. City Councilman Bill Gulliford said he's not hopeful that this will work.
"They got their own problems. They have $147 million liability of their own pension plan," Gulliford said. "You're saying they should take that money, whatever they can save or generate, and put that towards our problem or their problem. They are losing revenue, unfunded liability, additional cost. It just doesn't make sense to me."
The Mayor's Office wouldn't comment on any JEA plan. A spokesman from JEA said it will present its idea at 11 a.m. Tuesday with members of the board.
There's no word if this would be an increase to the franchise fee Jacksonville residents pay or if it could result in a rate hike.
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