Margate’s Chief Financial Officer Lisa McLaughlin warned everyone about the upcoming bad news.
Margate’s new pension obligations will soon be $3 Million. That’s a $200,000 increase over last year that Margate taxpayers will have to handle.
Margate CFO: The only way to limit future pension increases is to control salaries, longevity pay, etc. for city employees.
New legislation is costly for towns like Margate in regards to sexual abuse liability, molestation, Title 59, workers comp, retiree benefits, etc.
JIF: Joint Insurance Funds provide property/casualty insurance to almost 65% of municipalities and local authorities in New Jersey.
Margate JIF budget is up 5%. That’s based on the ‘loss ratio’ of Margate which is 143%. That will translate to $51,000 in new taxpayer expense.