News Flash
07-01-2006, 12:16 PM
SPD pensions now account for 30 percent of SPD's payroll
City Manager Michael McNees said that an increase in police and general employee pensions has "completely absorbed whatever growth in revenues based on value increases." Police pensions alone now account for 30 percent of the police payroll. McNees said that one of the most widely held misunderstandings is that the city "must be rolling in money" because of all the recent development. In a time of soaring property values and an unprecedented amount of building, the city is poised to rake in $27 million in property-tax revenue -- about $10 million more than last year, and more than double the amount from the year before. Still, city officials will consider an increase in the tax rate to bring in even more money -- which may be necessary, they say, if they want to keep employee salaries competitive and increase maintenance of the city's parks and trees.Click here (http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060630/NEWS/606300561/1270/NEWS0101) for the full story.
City Manager Michael McNees said that an increase in police and general employee pensions has "completely absorbed whatever growth in revenues based on value increases." Police pensions alone now account for 30 percent of the police payroll. McNees said that one of the most widely held misunderstandings is that the city "must be rolling in money" because of all the recent development. In a time of soaring property values and an unprecedented amount of building, the city is poised to rake in $27 million in property-tax revenue -- about $10 million more than last year, and more than double the amount from the year before. Still, city officials will consider an increase in the tax rate to bring in even more money -- which may be necessary, they say, if they want to keep employee salaries competitive and increase maintenance of the city's parks and trees.Click here (http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20060630/NEWS/606300561/1270/NEWS0101) for the full story.