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The city council of San Jose this afternoon (May 24) voted 8-3 against the mayor's proposal to declare a state of fiscal emergency, but voted to study various suggestions for reducing retirement benefits, according to the San Jose Mercury News. The city faces a $115 million deficit, its 10th straight shortfall, and half of it is driven by soaring pension costs, says the Mercury News. Today's vote sets up a June 21 showdown at which the council will vote on formally declaring the emergency and decide which pension reforms might go on the ballot in November.
The city council of San Jose this afternoon (May 24) voted 8-3 against the mayor's proposal to declare a state of fiscal emergency, but voted to study various suggestions for reducing retirement benefits, according to the San Jose Mercury News. The city faces a $115 million deficit, its 10th straight shortfall, and half of it is driven by soaring pension costs, says the Mercury News. Today's vote sets up a June 21 showdown at which the council will vote on formally declaring the emergency and decide which pension reforms might go on the ballot in November.