Phoenix Mayor Greg Stanton, along with Barry Broome, President and CEO of Greater Phoenix Economic Council, will travel to Dalian, China to participate in the World Economic Forum’s Annual Meeting of the New Champions, also known as the “Summer Davos.”
Mayor Stanton will serve on a panel with world government and business leaders to discuss “Strategic Shifts in Urban Ecosystems,” including examples of how Phoenix is building a sustainable future.
However, it is Phoenix’s sustainability that has many concerned. The sustainability of its pension plan, that is.
The city of Phoenix has $2.4 billion in unfunded pension debt. Stanton promised to end pension spiking 616 days ago and has still not held one public meeting or vote.
Council members Thelda Williams, Jim Waring and Sal DiCiccio requested a public vote and need only need one more council member to force a public discussion.
According to DiCiccio, the city does not have money to cover the $2.4 billion in unfunded pension debt.
The average compensation for over 14,000 employees in Phoenix is $105,000 a year, and $137 million in pay raises have been paid out since the food tax was passed.