Prop. 499 is prudent solution to PSPRS liability in Paradise Valley

On Nov. 8, Town of Paradise Valley voters will be given the choice to adjust the expenditure base. These revenues can be used to pay for sewer and police services, as well as associated capital improvements.

Richard Fincher

Richard Fincher

State law allows the voters to determine the right level of government in each community. The original limitation is based on the budget from fiscal year 1979-80.

As required by state law, the town participates in the Arizona Public Safety Personnel Retirement System.
TPV has 33 retired police officers. Due to historical usage of the retirement system going back many years, the town is facing an unfunded liability of over $18 million.

In addition, we must pay almost 8 percent interest. The prudent approach would be for the town to pay down the liability in an accelerated manner, but the state expenditure limit impairs that liability. Prop 499 provides the flexibility to address this liability.

I support Prop 499 to accommodate the anticipated expenditures facing the town.

Editor’s note: Mr. Fincher is the PSPRS board chair and Town of Paradise Valley resident

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