Because of the stock market crash and losses in risky investments, Florida’s public employee pension fund is way too low.
The state could take a chance that the stock market will rebound:
Florida has not only taken a hit on stocks but also on risky real estate ventures, private equity deals and securities tied to the subprime mortgage meltdown.
But the people at the pension fund weren’t talking about getting safer Thursday. To meet their pension promises, they were discussing shifting into even riskier investments.
That might happen, but there’s more. The State Legislature will probably ask local governments to help fund the difference. Which means that city and county governments, such as the City of Tampa, or Hillsborough County, would have to compensate by hiking property taxes or reducing services.
Unfortunately, those governments are already cutting back. Because of the downturn in construction activity, the City of Tampa laid off 24 workers yesterday.
Then again, last week your city council approved a six percent raise to firefighters, so maybe they have a money tree.
Pam
1 year ago
Actually the City of Tampa building dept gave everyone a termination notice yesterday and the City is giving them an “opportunity” to possibly be re-hired back—this includes supervisors, plans reviewers, building inspectors, permit tech’s, cashiers, support staff.
There will also be 24 positions cut.
Job descriptions have been re-written. All current employees of the building dept will have to re-apply for their jobs and hopefully be rehired. Based on the new job descriptions, if they qualify to reapply for their old job, they’ll have to submit an application, submit a resume’ and go thru an interview process; some will have to pass a test. If deemed “worthy” of their old position, they could be rehired. They can also apply for other positions in the building dept. if they qualify. Anyone employed by the City of Tampa can also apply for all these positions. No preference will be given to existing building dept employees.
Supervisors are reapplying effective immediately. New requirements state supervisors are to have a 4 year college degree. One supervisor has been there for 20+ years . This person doesn’t have a college degree so they can not reapply for their position. That’s a shame too because this person is extremely knowledgeable of the building dept rules/procedures and damn good at their job. Others start the process end of March thru mid April. June 26th is apparently when the old/new guard changes.
By the way, there’s a salary cut too. Folks will be making less to do the same job.
No, I don’t work for City of Tampa building dept but I am in construction and utilize this office almost daily. They do a good job. The fire/rehire thing makes no sense to me.
By the way, happy birthday Wifey!!
Patsy
1 year ago
Please, what does this City do that makes sense. I too am familiar with the building department,and have wondered what they would do without all the fee’s ,etc they tacked on every second for something or ever? Oh yes, about raising our Property taxes, what else is new, don’t we always end up paying for someone else’s mistakes.
junebee
1 year ago
How much money and time is being spent firing then re-hiring all but the unfortunate 24? What an exercise in futility. Just cut the 24 (however unfortunate) and save the taxpayers the money.
Clyde
1 year ago
It’s no surprise to anyone who has been paying attention over the past several years that the legislature wants counties and cities to pick up more funding of the retirement fund. They are pushing funding down so the state budget can be cut. Take a look at the funding for the schools and the courts. My hope is that one of these days we will wake up and start electing adults to state office, who will then do something about reforming our so-called tax system.