Memphis Mayor: Either Raise Taxes or Lay Off 3,250 Employees

From the Commercial Appeal:
In what was the final hearing for the fiscal year 2014 budget, Memphis Mayor A C Wharton’s administration told City Council members on Thursday that immediately fixing all the city’s financial challenges, without a tax-rate increase, could involve layoffs of as many as 3,250 city employees.
Or, going to the other extreme, raising the tax rate by $1.72 to avoid layoffs but pay for things like full restoration of payments into the city pension fund.
The mayor also brought to council a set of less dire proposals he’ll present at Tuesday’s budget committee meeting before the full council meeting.
They included cuts to employee benefits, like the elimination of the 4.6 percent pay restoration council gave back to employees at a series of impasse meetings, for a savings of $12 million. Another calls for the elimination of a college incentive program for Memphis Police Department officers to save $6.2 million.

Full story HERE

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