May 02, 2018

Retirement Funding Issue Dominates Bogalusa Council Meeting

The Bogalusa City Council met Tuesday evening (May 1, 2018) and adopted three resolutions, introduced two ordinaces (to be discussed and considered at the May 15, 2018 meeting), heard from the public, and received reports from Mayor Wendy Perrette and her staff.
The Mayor and Finance Director Stacy Smith answered questions and reported on the issue of funding the Employees Retirement System (Public Works). On April 28, 2018, voters overwhelmingly rejected (78% to 22%) a 20-year, 15-mill property tax proposal to provide supplemental funding of the system . Now What? The existing funding mechanism is inadequate by about $900,000 annually and, as time goes on, paying retirees becomes more critical and is expected to become impossible by 2021. The Mayor rejected such drastic measures as going to a volunteer fire department or bankrupting the City. Instead, she committed to continued efforts and said to the retirees, ”I got your back”.
Video of the complete meeting will be on our Government Meetings page as soon as it uploads.

Re Bogalusa Public Works retirement issue from Mt. Hermon Web-TV on Vimeo.

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