How should Phoenix pay off $4B in pension debt? Voters may get a say [View all]
Phoenix voters may soon change how the city manages its growing multibillion-dollar pension debt.
A political committee called Responsible Budgets — backed by Councilman Sal DiCiccio — wants voters to change how Phoenix calculates its pension debt and require the city to spend almost all excess general fund revenue to pay down the debt.
The group submitted almost 50,000 signatures to the Phoenix City Clerk's Office on Tuesday. It needs 20,510 valid signatures to qualify for the August ballot. The clerk has until March 6 to verify the signatures.
Phoenix has racked up more than $4 billion in pension debt — money it will someday owe to its retirees.
Read more: https://www.azcentral.com/story/news/local/phoenix/2019/01/16/pension-initiative-backed-sal-diciccio-may-appear-august-ballot-phoenix/2583143002/
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