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Critical, Pension Promise Broken
Public Safety Pensions Shortchanged
Memphis voters approved a 0.5% sales tax increase in October 2019 specifically to fund public safety pensions. The Mayor Young FY27 budget cuts the dedicated referendum transfer from $26.9M (FY26) to $13.5M (FY27), a $13.4M diversion, while the Police Pension ADC sits at just $22,742,478. The pension hole the referendum was passed to close is being re-opened to balance the General Fund.
Referendum Transfer FY26
$26,900,000
Referendum Transfer FY27
$13,500,000
Diversion
−$13,400,000
Police Pension ADC (051307)
$22,742,478
Questions Council Should Ask
- Is the $22.7M Police ADC the full actuarially required contribution?
- Where did the $13.4M diverted from public safety pensions actually go?
- What is the unfunded liability today vs. October 2019?