Marc on Underfunded Pensions
The current Town government has insisted on using only property taxes to fund the pensions. But as the pension funding shortfall has continued to balloon—the current shortfall is $95 million—it's become clear that we cannot tax our way out of this.
Since Chris Koos has been mayor, rates have gone up 42% while funding levels have continued to drop. When he first became mayor 18 years ago:
- Fire pensions were funded at 78%
- Police pensions were funded at 74%.
- Fire pensions are funded at only 47%.
- Police pensions are funded at only 43%.
We need to prioritize pensions and supplement them with money from the general fund.
The video below is from the 2017 campaign. The situation has gotten even worse since then.