Reports on Jacksonville's future pension costs have dramatically different findings
There’s no question that Jacksonville’s enormous pension debt sits like an elephant on the city’s budget, but projections vary greatly for how big that burden will be over the next 30 years — even based on the city’s own studies since January.
While making the case for voter approval of a half-cent sales tax in August, Mayor Lenny Curry has said the city’s annual pension costs for its three plans — police and fire, general employees, and corrections officers — will balloon from $260 million this year to $433 million in 2039. That figure comes from in-house calculations done in early January by the city’s finance department.
But a different report issued in February by Milliman, an actuarial firm hired by the city, paints a much less dire picture for the portion of pension costs attributable to the Police and Fire Pension Fund. Based on Milliman’s long-range projections, the city would be paying about $113 million less in 2039 for police and fire pension costs than the city’s in-house number-crunching estimates.
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