6 years, 7 months ago by Scott Hardy
Both now funded above 40%
The City of Quincy's Finance Committee got some good news about the city's pension funds.
The Finance Committee got a preliminary report Monday night from private actuarial Thomas Sharp of suburban Chicago. In it, he estimated that the funding levels for both the Quincy police and firefighter pension funds have increased in the past year. The police fund is now 47% funded, while the firefighter fund is now 41% funded. Sharp says the police fund saw an 8% return on its' investments, while the firefighters got a 10% return. That's likely because of the rise in value of the stock market since the first of the year.
However, that good news was tempered by City Comptroller Sheri Ray, who said that the city saw a 20% drop in its' Personal Property Replacement tax payment from the state of Illinois, and is likely to see further drops in those payments over the next few years.
The city has used that payment for 20% of its' pension payments, but will likely have to come up with other sources of revenue for its' pension obligations.
