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Statement from Councilman Sal DiCiccio - Phoenix Council Considering Act of Financial Hari-KariStatement from Councilman Sal DiCiccio - Phoenix Council Considering Act of Financial Hari-Kari<div class="ExternalClass66AD32B458454C02B39DAE8D86376E4D"><p>​<em>Manager’s plan to add $2.3 Billion to Pension Debt Debated Today<br></em><i><br></i>According to Councilman Sal DiCiccio, the Phoenix City Council is set today to consider what he calls the worst fiscal move he’s ever seen at City Hall.<br><br>Phoenix City Hall is considering a plan to extend the payout period on the police and fire pension plans an additional 10 years, increasing the cost to City taxpayers by $2.3 billion.  This move will escalate the pension obligation to $5.7 billion from the current $3.5 billion. This move is being considered less than one year after Mayor Stanton and the entire Council declared victory on pension reform. <br><br>Now, Phoenix is considering this move to cover the budget deficit next year.<br><br>“Forget making sense, this doesn’t even come close to making sense, it’s breathtakingly reckless. The City Council might as well be playing ‘Chicken’ with a freight train, only this train is going to keep going right through generations of Phoenicians.”<br><br>“This year the city of Phoenix collected more money and spent more money than at any time in City history - times are good. But what happens when the economy is down once again? When that happens, this decision – if the Council goes forward with it – will absolutely put Phoenix at risk of bankruptcy,” said Councilman DiCiccio. <br><br>"If you had a friend that could not manage their own monies, would you encourage that friend to go and take out more debt?” asked Councilman DiCiccio.<br><br>“I am urging all the citizens of Phoenix – anyone who is concerned about our future, what will happen to their kids and grandkids – to call the Mayor and Council and beg, plead with them not to do this,” concluded the Councilman, “this is really an act of hari-kari. If we do this, we are going to kill ourselves, slowly, painfully – but surely.”  </p><div><br></div></div>6/13/2017 6:30:00 PMMatthew Heil602-534-0108