/ Categories: Blog

Jacksonville Pension Solution on the Right Path

This past Wednesday night (April 19th), a special City Council committee in Jacksonville, Florida unanimously supported Mayor Lenny Curry’s plan that aims to reshape the city’s pension plan and looks to pay off current its current debt.

The proposal, which has been in the news for months, has been touted by some and scrutinized by others. The new plan has two major components that change effect the taxpayers and pensioners in Jacksonville. The first step of the plan would end defined benefit pensions for all future City Hall employees, and instead grant the individuals the option to enroll in a 401(k) style retirement account

The second feature of the plan deals with how the city will pay off the current debt levied against the city’s public pension system. The city plans to use its optional half-penny sales tax revenues (starting in 2031) to pay off the debt. This plan has come under fire as a recent actuarial analysis suggests this method could take upwards of 30 years to pay off the debt, meaning Jacksonville could be dealing with this issue till 2060.

For years Florida TaxWatch has written on the crisis related to Jacksonville’s pension, in fact our organization was the first to warn the city back in 2008. While TaxWatch applauds the city’s attempt to quell the pension problem, the solution that is proposed is not a perfect one and there are still some issues that could continue to affect the city. For one, the proposed plan could leave the city giving out overly generous 401(k) matches (as much as 25 percent for police officers and firefighters.) Furthermore, the city’s half-penny sales tax is already dedicated to paying for city construction projects through 2030, meaning the city will not be able to truly start paying off its debt until 2031.

While TaxWatch believes Mayor Curry’s plan is a step in the right direction, there is still work left to be done. 

Print
2059
0Upvote 0Downvote
«April 2025»
MonTueWedThuFriSatSun
31123
The What, Why, and How of the Florida TaxWatch Budget Turkey Watch Report

The What, Why, and How of the Florida TaxWatch Budget Turkey Watch Report

Florida TaxWatch’s annual Budget Turkey Watch Report for 2025 meticulously examines the state budget to identify appropriations that deviate from sound fiscal management principles. Below is an expanded overview of what Budget Turkeys are, why they are identified, and how they are determined.

Read more
4
Using Microelectronic Sensors to Continuously Monitor Vertical Infrastructure

Using Microelectronic Sensors to Continuously Monitor Vertical Infrastructure

This Florida TaxWatch report explores how microelectronic smart sensor networks can proactively monitor vertical infrastructure to detect issues such as structural fatigue, corrosion, or damage before they lead to catastrophic failures, as seen in the 2021 Champlain Towers South collapse (98 deaths) and the 2018 Florida International University pedestrian bridge collapse (6 deaths).

Read more
56
789
The Voter Guide for the City of North Port’s May 13, 2025 Referendum

The Voter Guide for the City of North Port’s May 13, 2025 Referendum

The City of North Port, Florida's second fastest growing city in the United States, faces significant challenges from rapid urbanization, population growth, and ongoing recovery from Hurricane Ian's devastating impact in 2022. This Florida TaxWatch report examines the implications of the May 13, 2025 special election referendum, which asks voters to decide on several critical municipal issues.

Read more
1011
Fair Share Taxes Driven Away by Electric Vehicles

Fair Share Taxes Driven Away by Electric Vehicles

Proposed solutions include redistributing a portion of the sales tax collected at EV charging stations to the STTF and adopting a hybrid approach that combines higher registration fees with targeted EV taxes. These proposals aim to ensure that all drivers contribute their “fair share” toward maintaining Florida’s transportation infrastructure in the face of rapid technological change.

Read more
1213
14
Extending the Local Communication Services Tax Increase Moratorium and a Sales Tax Exemption for Broadband Equipment Should be  Part of Any Tax Relief Package this Session

Extending the Local Communication Services Tax Increase Moratorium and a Sales Tax Exemption for Broadband Equipment Should be Part of Any Tax Relief Package this Session

Florida TaxWatch's CST and Broadband Equipment report examines the impact of the high Communications Services Tax (CST) on broadband infrastructure investment and consumer expenses. The report details how Florida’s current CST ranks among the highest in the nation and explores its effects on both businesses and low-income households, who are particularly vulnerable to the disproportionate burden of such taxes on essential wireless services.

Read more
151617181920
21
Taxpayer Independence Day 2025

Taxpayer Independence Day 2025

Florida TaxWatch’s Florida Taxpayer Independence Day 2025 report commemorates the symbolic April 21 date when the average Floridian has earned enough to satisfy all federal, state, and local tax obligations. In 2025, Floridians spend 110 days—until 11:24 a.m.—paying taxes each year before they begin earning for themselves.

Read more
222324252627
2829301234
567891011

Archive