The City’s Police and Fire Pension Fund costs next Fiscal Year will be 57% higher than expected, according to an article in The Florida Times-Union. As a city department, this news will have an impact on the library’s budget for the new year.
With a $45 million drop in revenue compared to last year, Brown was already working to fill a $58 million hole. In a preliminary version of the $1 billion budget submitted May 1, the administration estimated pension costs jumping by $23.2 million, far less than the actual increase.
Brown could now be facing an $80 million hole. [The Florida Times-Union]