Charleston has $259 million worth of unfunded liabilities in its pension plans,. It also needs to spend $50 million to $60 million to modernize the Civic Center.
State leaders, in giving cities more power to control their own affairs, passed a bill that says municipalities can enact as much as a 1 percent city sales tax - provided they reduce business and occupation taxes and never raise them again no matter what.
So as the Daily Mail's Paul Fallon reported, Charleston Mayor Danny Jones proposes to slightly reduce the city's B&O tax on manufacturers and abandon his plan to roll back the city's B&O tax on retail sales.
Thus, if Jones' plan for a half-cent city sales tax is enacted, Charleston could see about $6 million in new revenue - and it would keep about $2.25 million a year in revenue from the tax on retail sales.
Dedicate the money to reducing the pension debt? Direct the funds to servicing new debt on Civic Center upgrades?
The public will certainly watch with interest as the city makes a decision.