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Quincy City Council learns about growing pension obligations

Quincy City Council learns about growing pension obligations

4 years, 11 months ago by Scott Hardy

By 2025, payment could be $10 million/year

The Quincy City Council learned Monday night that over the next five years, its' pension payment obligations will only continue to climb. Scott Hardy has more.

(  Audio  1:44  ) 

The Council learned during a Budget Review meeting that by 2025, the City's Treasurer and Comptroller expect the city's payment to the Police and Fire pensions will climb to over $10 million. The Council also learned that as of now, both pensions have an unfunded liability of $84 million. Mayor Kyle Moore says how the City will fund pension is something the Council will talk about this fall.  

( Mayor Kyle Moore :22 )

The majority of the city's share of property taxes goes to pension payments, and it was revealed Monday night that the city may have to raise its' property tax rate by 22%. That's if no other revenue source is found. 2nd Ward Alderman Jeff Bergman urged residents to learn more and to get involved.  

( Alderman Jeff Bergman :34 )

The Council has used cash reserves the past three years to help make pension payments. That won't be available in the next budget, which is set to have a final reading next week.

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