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October 20, 2014, 8:05 am
970 WMAY News

Aldermen Approve One Million Dollars Infusion for Public Safety Pensions


One alderman calls it merely “symbolic,” but the City Council has approved using an extra $1 million in revenue as a payment toward the unfunded liability in the police and fire pension funds.

 

The money comes from higher than expected “PILOT” payments from City Water Light and Power to the general fund.

 

The million dollars represents just a fraction of the $230 million unfunded liability, but Alderman Joe McMenamin says it sends a message to the mayor’s office that it has to get more aggressive about the problem.

 

City budget director Bill McCarty has warned that the money may be needed for other pressing expenses.

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