Jan
Tax increase, ending pensions among ideas headed to mayor
Posted in News | Comments OffCopyright 2012 HOUSTON CHRONICLE. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Published 07:15 p.m., Monday, January 9, 2012
[...] dozens of items offer ways to reduce future pension benefits, including ending pensions altogether and borrowing money to cover the current $5 billion in future pension bills for which the city has not set aside money.
Faced with mounting pension obligations, debt service, employee health care bills and yearly operational costs, Council last year voted to create the Long-Range Financial Management Task Force.
The group of council members, pension officials, union leaders, business people and community members was charged with coming up with options for addressing the city’s mounting bills over the next three decades.