New Tax Increase To Potentially Fund Pensions
Dec 4th, 2009 | By Editor | Category: All Posts, Consumer Information, FYI, Government Representation, GwinnettAaron Bovos, Gwinnett County Chief Financial Officer (CFO), stood before an Engage Gwinnett committee and stated that the just approved 21 percent, 2.28 millage rate increase is considered a “one-time revenue” and that “It is absolutely critical that we put it to good use.”
Bovos continued by saying that the county has accrued $300 million in pension liabilities that have yet to be funded. So, Bovos and his staff are in the process of considering a recommendation to use the entire $50 million + that will be collected as a result of the increase to fund this pension liability.
The Gwinnett County Board of Commissioners has to vote on the allocation of tax revenues, but an actuarial study has already been commissioned to determine the impact of using the tax increase to fund the pensions.
Sources:
• Engage Gwinnett
• The Gwinnett Daily Post
Really, at what point does it become appropriate to march on Lawrenceville with pitchforks and torches?
I’ve heard recall buzz, anything to it?