Miami Imposes Pay and Benefit Cuts to Ease Deficit

Miami imposed $76.9 million of salary, health-insurance and pension cuts on city employees to address a budget deficit that led to reductions in its credit rating.

Commissioners at a special meeting voted unanimously today to accept Mayor Tomas Regalado’s plan to cut base salaries as much as 12 percent, raise health-insurance deductibles and co- payments, and reduce pension payouts. Miami mandated the actions through a “financial urgency” declared in April under a state statute.