The $20, million question in the city of Flushing

The City of Flushing has a $20 million problem, which is five time more than its general fund.

The city is short $12 million in its defined benefit pension program and $7.8 million short in its retiree healthcare program.

A defined benefit pension plan is a retirement plan in which an employer promises a specified amount of money each month to the employee until their death and sometimes until the death of the employee’s spouse/beneficiary.

This type of retirement plan is not a 401K or 403B.

And at the age of 65, the city of Flushing still covers and pays 100 percent of the cost for healthcare insurance (medical, dental and optical) for its former employees.

I share this simple math to city taxpayers….

$20,000,000/3,500 homes = $5,714 owed by each homeowner

$5,714/5 years = $1,143 more in property taxes

OR

$5,714/10 years = $571 more in property taxes

I ask the taxpayer; do you want to pay $600 – $1,200 more in property taxes each year and receive nothing for it. — Brad Barrett, candidate for Flushing City Council