June 25 Election Critical To State's Economic Future
June 25 Election Critical To State's Economic Future
by Governor Joe Manchin
This week, I was pleased to sign legislation that formally sets the date for a statewide special election on the Pension Bond Amendment agreed to by the legislature during January's special session. I again applaud the actions of a majority of our legislators for stepping forward and taking a common sense approach to managing West Virginia's long-term pension debts.
June 25, 2005 will be a critical date in our state's history. This will be the day that our citizens will go to the polls to decide which future path our state will embark upon. Do we continue down the road of stagnant growth and declining employment, or do we embrace this opportunity for change and approve an amendment that will give our state a brighter, stronger future?
Ratification of the Pension Bond Amendment provides an opportunity for our state to set a fixed mortgage payment to pay off the unfunded liabilities in the state's Teachers, Judges and State Police retirement systems that we currently owe. This is not new debt - it is debt that we are responsible for paying off, one way or another. Under the current payment schedule, the state's annual payment will continue to balloon from its current obligation of $353 million until it reaches $724 million in 2034. By contrast, passage of the Pension Bond Amendment will allow West Virginia to guarantee a fixed rate of payment of approximately $350 million annually to pay off this debt.
Voter approval of this amendment will allow West Virginia to correct the sins of its past without bringing any additional financial burden upon its taxpayers. It will not cost the people or the state of West Virginia one penny more than what we are currently paying. Instead, our state will see savings of hundreds of millions of dollars. It just makes common sense.
I urge every West Virginians to support this amendment and to encourage your family and friends to vote in favor of establishing a fixed mortgage payment to pay off our unfunded pension liabilities. With your vote, you can make a real difference and place West Virginia squarely on the road to a successful future.
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