Post by Logan on Mar 3, 2017 19:35:54 GMT -6
Phoenix's city budget has become a paradox: The city has more money flowing into its treasury than ever before, but faces the prospect of deficits year after year.
City officials say the culprit most to blame is skyrocketing employee-pension costs.
In the next year, Phoenix faces sticker shock from its payments to the state-run pension system for police officers and firefighters. Costs are expected to balloon by $58 million, bringing the city's total pension tab up to $294 million of its general fund.
That means almost a quarter of all the money the city spends on its day-to-day operations will go toward pensions alone.
Read more: www.azcentral.com/story/news/local/phoenix/2017/02/28/pension-costs-still-crippling-phoenix-budget/98179552/
City officials say the culprit most to blame is skyrocketing employee-pension costs.
In the next year, Phoenix faces sticker shock from its payments to the state-run pension system for police officers and firefighters. Costs are expected to balloon by $58 million, bringing the city's total pension tab up to $294 million of its general fund.
That means almost a quarter of all the money the city spends on its day-to-day operations will go toward pensions alone.
Read more: www.azcentral.com/story/news/local/phoenix/2017/02/28/pension-costs-still-crippling-phoenix-budget/98179552/