ORDINANCE NO. __________, SERIES 2019
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AN ORDINANCE AMENDING LOUISVILLE METRO CODE OF ORDINANCES CHAPTER 122 TO INCREASE THE INSURANCE PREMIUM FEES (AMENDMENT BY SUBSTITUTION).
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SPONSORED BY: COUNCIL PRESIDENT JAMES AND COUNCILMEMBERS SEXTON SMITH, HOLLANDER, MULVIHILL, AND WINKLER
WHEREAS, the Commonwealth has left us with the unenviable position of having a 50 million dollar pension obligation in our annual budget to be paid over the next several years due to mismanagement and poor investment of our pension system; and
WHEREAS, Louisville/Jefferson County Metro Government ("Metro") cannot absorb this extraordinary expense without looking at new revenue or cutting existing services; and
WHEREAS, Metro wants to continue to provide services to its residents without sacrificing the quality and quantity of such services from police and fire protection to emergency services to road paving and infrastructure repair and improvements, community centers, libraries, affordable housing and parks and the services provided in conjunction with our other government and nongovernment partners; and
WHEREAS, in order to keep the momentum and economic renaissance we have built in Louisville and ensure we meet the needs of our residents, Metro is forced to take the unprecedented action to raise revenue, which has not been done since Merger and, in fact, no new taxes or rates have been increased since 1982 when the old City of Louisville increased the insurance premium tax from 2.5% to 5% and in 1990 when Jefferson County raised the insurance premium tax; and
WHEREAS, Metro cannot continue essential governmental operations with this pension obligation being handed down to us by the Commonwealth; and
WHEREAS, Metro wants to ensure that residents still are getting what they need and deserve and wants to minimize the loss of services upon which residents have come to depend; and
WHEREAS, while Metro will continue to conside...
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