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Prescott Council: ‘Let’s nip ‘bankruptcy idea’ in the bud’

The city estimates that under the old PSPRS tier, each new firefighter would cost Prescott about $3,900 more in the first year (as compared to the new tier), and about $122,000 to $124,000 more over a 25-year career./Dec. 2015 file photo by Les Stukenberg/Daily Courier

By Cindy Barks | The Daily Courier

The city estimates that under the old PSPRS tier, each new firefighter would cost Prescott about $3,900 more in the first year (as compared to the new tier), and about $122,000 to $124,000 more over a 25-year career. Bankruptcy may be among the City of Prescott’s available options for dealing with its public-safety pension shortfall, but City Council members did not appear to warm up to the idea this week.

“I think we need to nip this in the bud,” Councilwoman Billie Orr said Monday, after Prescott City Attorney Jon Paladini presented a report on the pros, cons and details of municipal bankruptcy.

Orr and several other council members maintained that bankruptcy would hurt Prescott not only financially, but in other ways as well. “The bigger cost to Prescott would our public relations, our tourism, and our economy,” Orr said.

Continued:

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