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Committee tables proposal to escrow PPRT for pensions pending legal opinion
Summary
The Finance and Budget Committee debated but did not adopt a proposal to place PPRT receipts in an escrow for pension funding; members asked for a legal opinion and tabled the item for the next meeting.
The Finance and Budget Committee spent substantial time debating a proposal to place Personal Property Replacement Tax (PPRT) receipts into an escrow account dedicated to pension funding.
Proponents said designating PPRT as a dedicated funding stream would protect pension funding and reduce pressure on the general fund and property taxpayers; they cited past use of large one-time…
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