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With Mayor Alvin Brown's signature, a pension reform deal is finally done.

"It's gunna save the taxpayers about $1.5 billion over the next 30 years,” he says.

The Police and Fire Pension Fund Board voted 4-1 Friday to pass the pension reform deal. Richard Tuten, the firefighter's union representative, voted no.



"If they promise to re-institute raises for the members, if they do a lot of promise-keeping, sure there's a lot of good", said Tuten.



"Find a solution. If we go through six months, a year, and we're still fighting with the Jaguars over naming rights, whether or not we're talking about port expansion. My biggest fear is they're going to move away once again from finding the money to shiny objects. That doesn't pay the bills people", said Tuten.

The bill takes effect immediately, meaning the City will start saving right away with the payout to benefits. The Mayor’s Office projects the annual required contribution to drop around $7 million from what was projected before the deal.

One of the biggest questions, however, remains to be settled- how the City will pay the $350 million over 13 years they've now obligated themselves to pay toward the $1.6 billion pension debt.



"I don't think you need to do a tax increase. I think there are other options you can solve this funding solution. I'm very optimistic about it", said Brown.

The City has obligated itself to pay an additional $5 million in the upcoming budget toward the pension debt, $10 million in year two, $15 million in year three, and $32 million every year after that.

"Somebody said we're halfway there. We're probably about a quarter of the way there", said Councilman Bill Gulliford, who wrote this bill off of prior legislation from the Mayor which failed in Council.



Gulliford says the work to find a dedicated funding source begins with the first Finance Committee meeting in July.



"I think it's critical that we keep the pressure on", said Gulliford.



While he still favors a half sales tax increase, Gulliford says he is open to hearing other suggestions. Mayor-elect Lenny Curry says he's approaching this situation looking "in every way possible".

“Solve the unfunded liability and still allow us to provide high quality service at the lowest possible cost to the taxpayer,” Curry says.

He wouldn’t commit to whether that could include a tax, but says he plans to take leadership on figuring out a source and working with the Council to put it in action.