Victor Crist is unmoved by Pam Iorio's letter to lawmakers urging an increase in police and firefighter pension benefits.
By DAVID KARP
Published March 26, 2004
TAMPA - Mayor Pam Iorio sought to reassure legislators Thursday about her proposal to increase pension benefits for Tampa police and firefighters, but a key state senator remained unconvinced.
Sen. Victor Crist said Thursday he still needs more data to see how the plan will affect the financial health of the pension and city. He said he wasn't satisfied with the letter Iorio sent legislators.
"It's a well-written letter ... but it really doesn't answer my questions," Crist said. "It is written well enough to dance around them."
In her letter the mayor said the city looked at the potential financial impact of higher pension benefits through 2012. And she said pension fund investments were so successful last year that the amount the city and pension members are expected to contribute is expected to drop in coming years.
Crist, a north Tampa Republican, said he wants to review the pension's actuarial report for the 2003 fiscal year, which ended Sept. 30.
"They have had six months to produce it," Crist said. "They could hustle and and get it done in three weeks."
"They moved quickly on Civitas," Crist added, referring to an urban redevelopment project that city staff worked through the Christmas holidays to complete. "Why couldn't they move quickly on this?"
Bonnie Wise, city director of revenue and finance, said the city does not have the actuarial report yet. But she said the mayor relied on sound financial information to craft the proposal.
Wise said the city studied actuarial reports paid for by the pension board and unions, and hired its own actuary to analyze the proposal, Wise said.
"We really did do a lot of due diligence," Wise said. "We really believe that our letter addresses the concerns that he outlined."
The Senate staff has told Crist that the total financial impact of the increased pension benefits could amount to 40 percent of the city's payroll. It could balloon into a $200-million "unfunded liability" over 30 years.
Crist said he wants the City Council and the mayor to reaffirm their commitment to the plan, before he votes.
Iorio said Thursday morning that she "strongly" backs the pension bill, which is also being pushed by Tampa's police and firefighters unions.
