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Quincy City Council approves $6.6 million pension payments

Quincy City Council approves $6.6 million pension payments

2 weeks ago by Scott Hardy

$3.38 million for Firefighters, $3.2 million for Police

The Quincy City Council has approved a resolution to make over $6.6 million in pension payments in the next fiscal year. The question now is, how to pay for it. Scott Hardy has more. 

(  Audio   1:16  )

The Council approved that request Monday night from City Comptroller Sheri Ray and City Treasurer Linda Moore. The payments break down as nearly $3.39 million for the Fire fighters pension fund and just over $3.2 million for the Police pension fund. Mayor Kyle Moore says now the Administration and the Council need to figure out how to cover an estimated $535,000 increase in the city's pension obligation.

( Mayor Kyle Moore  :26 )

The city's share of the overall property tax bill is around 17%. While some on the Council seem to be resigned to possibly raising the city's property tax levy, Moore says there could be other ways to fund the pension.

( Mayor Kyle Moore  :10 )

The city's property tax levy, and any possible funding source, will need to be decided by the Council by late December.

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