A stark message being delivered to Common Council about the city's deficit laden pension plan. It has to be fundamentally reformed in order to be affordable and sustainable.
The councilors vote tonight on several recommendations they hope will be approved by the province.
The councilors vote tonight on several recommendations they hope will be approved by the province.
Council has been told without the changes, the tax rate would have to rise by over 12 cents or city services would have to be reduced by 7.3 million dollars.
Even if the changes are accepted, the tax rate could still rise by 2.7 cents because of the pension plan's financial woes.
No one is happy about any of this but Kevin Lacey, the Atlantic Director of the Canadian Taxpayers Federation, tells CHSJ News there's no choice.......the money isn't there with the city pension plan's deficit is now estimated at 131 million dollars.
