Curry was on Melissa Ross this morning. He says the city's annual payment is actually up to $260,000,000 and it will continue to increase, rising to $300,000,000 within a few years (presumably this is the 30% figure Cat was talking about). Additionally, Curry expects the pension to be fully funded by 2060 under his plan, as it will also include collective bargaining that would require current employees to contribute 10% to their plans, with future employees being shifted to a 401k plan. In the future, the city and pension board will meet to negotiate every 3 years (which we probably should have been doing all along), so it shouldn't be as difficult to keep things at the market rate in the future.
He also talked about some of the other proposed options to help deal with the crisis. He says that trying for a sales tax that takes effect now (on top of the BJP tax) would never get through the legislature. He also said that he opposes a millage rate increase - it would take a 3 mill increase all at once (around a 30% hike) and there would be no way to tie it specifically to the pension. More than likely, the money would be re-appropriated by a future mayor, or the rate would be cut again. And certainly if it were put to a vote it would never pass.
I think what he's going to need to sell people on is what he'll do with the savings. We would have tens of millions more in the budget every year that's not just going to pay down debt c. He talked this morning (and before) about dedicating part of it for police and crime prevention. That's likely be one of the more impactful things we could put it toward, but it doesn't have the power of building something new.
