WAVE 3 News Guest Editorial: Louisville Mayor Greg Fischer on pension payment
By Mayor Greg Fischer (D-Louisville)
LOUISVILLE, KY (WAVE) - Over the last eight years, Louisville has built incredible momentum: 80,000 new jobs, 2,700 businesses, $13 billion in capital investment. We are poised to become America’s next breakout city.
We run a lean government. Among peer cities, we have the fourth lowest ratio of city employees to population.
Now, we’ve been hit by a large pension bill from the state, which is the main factor in a $65 million budget hole over the next four years.
We have limited options to address this challenge: New revenue, drastic cuts or some sensible combination.
The best way to meet the challenge and keep our momentum going is to invest in our city and our future through a gradual increase in insurance premium tax. To determine the impact of this proposal on you, get out your insurance bill. My proposal applies to home, life, boat and umbrella coverage. If you do not have insurance in those areas, there will be no financial impact on you.
If you do, the impact will be an additional 5 to 10 percent on your existing bill. So if your insurance premium is $1,000, your additional cost would be $50 to $100 a year, or roughly $4 to $8 a month.
It’s important to note that this would be the first tax increase in decades.
So do we pay this bill by slashing city services, closing libraries and firehouses, and shrinking our police force? By making cuts impacting our most vulnerable? Or, do we deal with this now to keep growing our city?
The question is, what kind of city do we want to be?
To ensure a city that attracts global talent, a city where everyone thrives, we must invest in our people and neighborhoods, and move forward together. If you agree, please urge Council to vote for new revenue.
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