Brenden Moore
The State Journal-Register
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Pensions
With the continued uncertainty over the city’s fiscal situation, council members punted a decision on whether to make an extra payment to the city’s police and fire pension systems.
Under city ordinance, an extra payment is to be made when the city’s corporate fund balance exceeds 20% of general operating expenses. This year, it would have meant an extra $589,323 payment — $318,234 for fire and $271,089 for police.
While council members were in unison in their desire to make extra payments into the city’s underfunded pension systems, most agreed to pause until the end of February, when the fiscal situation will be more clear.
Ward 7 Ald. Joe McMenamin and Ward 8 Ald. Erin Conley both indicated their support for approving the payment that evening and subsequently voted ‘no’ to delaying the vote.
Joe McMenamin for Ward 7 