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Home Prescott Pioneer News

Prescott Pension Debt Is Dropping

January 29, 2019
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When Prescott residents voted to pass Prop. 443 in August 2017, there’s a good chance they had no way of knowing that positive vote would significantly cut down the City’s unfunded liability. At the time, the Public Safety Personnel Retirement System (PSPRS) debt amounted to $86.4 million. Today, it is barely over $69 million, a decrease of $17 million due to funds generated through the 0.75 sales tax, which went into effect a year ago January. 

Prescott Mayor Greg Mengarelli is pleased with the pay down.

“Without the life-giving stream of funding from Proposition 443, we would still be wandering around in a very dry desert,” he says. “But now, because of the strong support of our Prescott citizenry in passing Prop. 443, our City can continue to move forward in a strong financial position. Prop. 443 provided the funds. Without those funds, it would be no fun.”

City of Prescott Budget and Finance Director Mark Woodfill told the council that the drop could be attributed to two reasons: a $6 million payment that was generated through the first six months of the new sales tax; and an $11 million lump sum made in September 2017.

Prescott Mayor Pro Tem Billie Orr says passing Proposition 443 was clearly the catalyst for removing the dark cloud of the $86 million unfunded pension liability hovering over the City. “Our commitment to paying down this debt and retiring the three-fourths tax is solid,” she notes. “We’ll pay every dime of the revenue from Prop. 443, and we’ll continue to pay the annual required contribution from the general fund. We are forever grateful to citizens of Prescott who voted to pass Prop. 443.”

Councilman Steve Sischka is equally as enthusiastic about the diminishing debt. Further, he attributes the positive result of Prop. 443 with stimulating other economic development. “Without 443, the airport would have been an afterthought, with no way to pay for our share of the improvements,” he says. “I also don’t think Skywest/United Express would have come to a financially strapped city. Prop. 443 opened up a world of options for Prescott.”

The City Council’s goal is to pay down the liability by June 30, 2028. The 0.75 sales tax is scheduled to cease when the PSPRS unfunded liability is at $1.5 million, or in 10 years, whichever comes first.

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Come & enjoy the local scene in Prescott Arizona!

Prescott Living Magazine

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Prescott Living Magazine
OUT & ABOUT — Thank you to Karen Shaw for sending in these shots of Jerome and the San Francisco Peaks on a beautiful winter day! We publish reader photos in every issue of Prescott LIVING. Send in your best shots by email to photos@roxco.com. Photos should be taken by you, anywhere in the Greater Prescott area. Selected photos will appear in print and on our social media channels.#jeromeaz #prescott #northernaz #sanfranciscopeaks ... See MoreSee Less

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Arizona State Senator Ken Bennett will read a proclamation in memory of Dr. Billie Orr on Wednesday, Feb. 1st at 1:15 p.m. on the Senate floor. The session will be livestreamed at www.azleg.gov/liveproceedings. Here is the text of the proclamation. . . . Recognition In Memory of Dr. Billie OrrWHEREAS, Dr. Billie Orr served the citizens of Prescott on the City Council from 2015 until 2021 and during that time as mayor Pro Tempore from 2017 until 2020; andWHEREAS, she was a member and past President of the Republican Women of Prescott; andWHEREAS, Dr. Billie Orr Founded the Mayor’s Commission on Well-Being for the City of Prescott; andWHEREAS, Dr. Billie Orr served as City Council Liaison for several City Boards and Commissions during her tenure as Councilmember; and WHEREAS, she served as a Board Member of Arizona Town Hall, Prescott Western Heritage Foundation and Yavapai Big Brothers Big Sisters; andWHEREAS, Dr. Billie Orr was an active Rotarian, serving on Rotary Clubs in the Phoenix area and in Prescott; and WHEREAS, she was a big fan of pickleball and helped Prescott Build outdoor courts for its citizens; andWHEREAS, prior to her service in Prescott, Dr. Billie Orr was active in Arizona education for more than twenty-five years; and WHEREAS, Dr. Billie Orr served the citizens of Arizona as Arizona’s Associate Superintendent of Public Instruction; andWHEREAS, under her leadership, Arizona created state academic standards that were ranked among the best in the nation; andWHEREAS, in earlier years she taught in the Madison District in Phoenix and was the Principal of Kiva School in Scottsdale; andWHEREAS, Dr. Billie Orr was a dedicated and longtime public servant to the citizens of Arizona who brought a positive and caring aspect to her service, inspiring many who worked with her; andWHEREAS, Dr. Billie Orr will be greatly missed by her many friends in Prescott and throughout Arizona; andNOW, THEREFORE BE IT RESOLVED, our heartfelt condolences and prayers go out to her husband Bob, their children and grandchildren and all family members.. . . ... See MoreSee Less

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