A draft ordinance for taking a 0.75-percent sales tax to Prescott voters in August will be reviewed by the Prescott City Council this week, with the possibility of a vote.
The council will conduct a special meeting at 3 p.m. Tuesday, Feb. 21, at Prescott City Hall, 201 S. Cortez St. The only item on the agenda is the continued discussion of Public Safety Personnel Retirement System (PSPRS) funding options, and possible approval of an ordinance adopting the ballot language for an Aug. 29 vote.
The draft ordinance states that a 0.75-percent sales tax would be submitted to Prescott voters — “the revenue from which shall be dedicated to the payment of the city’s unfunded liability to the PSPRS.”
The tax would take effect Jan. 1, 2018, and would end (the earlier of) Dec. 31, 2029, or when the city’s PSPRS obligations are 100 percent funded “as determined by actuarial value.”
For months, the council and its Strategic Plan Committee have discussed options for paying down the city’s more than $78 million in unfunded obligations with the public-safety pension system.
The council could opt to vote on the ballot language this week, or could put the vote off until the regular voting session on Feb. 28.
Also on Tuesday, Feb. 21, the council will conduct a closed-door executive session at 11 a.m. to consider two items:
• Legal issues with the new business license, structured sober living license and vacation rental license.
• Discussion of surplus city property. Earlier, the council conducted a public discussion about possibly selling some of the city’s unneeded properties to help pay down the PSPRS debt.