News

Aldermen Approve Extra $1M for Fire, Police Pensions

Aldermen Approve Extra $1M for Fire, Police Pensions

Photo: Newsradio WTAX

An extra $1 million will be funneled into the underfunded Springfield police and fire pension funds, an extra $500,000 each. But at what cost?

The money comes from City Water Light and Power’s Payment in Lieu of Taxes (PILOT) fund, which ended last year with a $2 million surplus. But Mayor Mike Houston says it likely won’t be that way this year.

“I think there is a very good possibility that we’re going to have to put some additional dollars back into CWLP,” says Houston. “That’s not something that was factored into the budget, that’s going to affect the CWLP budget. It’s also going to affect our corporate fund.”

Houston’s unsure if he’ll veto the measure. It passed 8-2, and 8 votes are needed for a veto override.

Aldermen who supported it admit that $500,000 per fund is a drop in the bucket, but solvency has to start somewhere.

Recent Headlines

in Local

Rauner’s Justice League Is Together

jail

Goal: Cut prison population by 25 percent

in Local

LaHood Tours 18th District

darin lahood

Distances himself from dad's record

in Local

Manar, Tumulty Formally Support Hawkins

3-30-15 Rianne Hawkins Andy Manar Cecilia Tumulty

A former mayor and county and village official is backing a Springfield woman's bid to take the top job in the Springfield City Clerk's office in next week's election.

in Local

Congressman: Don’t Trust Obama Admin or Iran

rodney davis

Iran's possible reversal of a promise to ship out its atomic fuel is more proof that the Obama administration and its foreign policy are failures.