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City of Quincy to pay over $8 million to police, fire pensions in '22

City of Quincy to pay over $8 million to police, fire pensions in '22

2 weeks, 3 days ago by Scott Hardy

Figure could rise to $12 million/year in 10 years

The Quincy City Council learned Monday night that for now, the city is still able to fully make its' pension payments to its' police and fire departments, but that those costs will continue to go up. 

The Council met in a special session, where they heard a presentation on the city's pension payments from the firm of Lauterbach and Amen. They've been hired by the city for the past few years to help with its' pension obligations. The Council heard that the city plans to pay a minimum of just over $8 million next year into the pension funds. They later voted to approve a resolution to do just that. The $8 million is more than the state-mandated minimum of $7.8 million, but less than the $9.4 million recommended by Lauterbach and Amen. After the meeting, Mayor Mike Troup said he expects the city to pay more than what's been approved.

( Mayor Mike Troup :18 ) 

The Council also learned that within 10 years, pension payments will rise to over $12 million a year. The City's proposed property tax levy, which needs to be approved by the end of the year, will stay flat. The City uses that money for pension payments, and to help fund the Quincy Public Library.

The Council also approved first readings of ordinances to align the city's liquor laws with the state of Illinois, and to lower the noise levels on motorized bicycles in the city.

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