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

Survey: Teachers Still Spend Plenty of Money Out of Pocket

8-31-15 Horace Mann Survey

A new study by Horace Mann insurance suggests teachers spend a lot of their own money on supplies for their classrooms.

in Local

UIS-Led Survey Examines Issues for Transgendered People

UIS logo

A national survey conducted by the University of Illinois-Springfield shows positive attitudes towards the rights of transgendered people.

in Local

Lawmaker: Cut Tax Breaks, Close DCEO

jack franks

State Rep. Jack Franks will propose closing tax loopholes and eliminating what he considers to be unfair credits for businesses.

in Local

Combination-Locked Pill Bottles Now Law

med bottle lock

Illinois is the first state providing for a combination lock on a prescription pill bottle.

in Local

Moody’s Issues Warning About State Credit Rating

Budget Cuts

Moody's: reach a budget agreement by late September.