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Thursday, September 22, 2011

Woods Not Ruling Out Pension Related Tax Increase

Despite denials from some civic politicians - a tax increase to cover off the civic pension 129-million dollar deficit remains a very distinct possibility according to City Manager Pat Woods.


Woods has released a statement indicating a limited number of new scenarios were presented to various employee groups during a meeting last week.

He says they were asked to give their feedback by the end of this month with the idea of presenting a recommendation to council in early October.

Woods says the objective is to make the pension plan affordable without imposing an excessive tax burden on property owners.
 
An earlier proposal by the city to resolve the pension deficit issue was rejected by the provincial government.