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Politicians next pension fix : Gambling with your money | Madison
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GoLocalProv | Providence Passes New Budget with Fanfare, New Programs, and Ignores Old Liabilities
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Norwich City leaders and finance officials presented a plan Tuesday that would fully fund the city’s unfunded pension obligation by bonding the entire estimated $144 million at current low interest rates, saving an estimated $43 million over 30 years.
Members of the City Council, Board of Education, Board of Public Utilities Commissioners and Personnel and Pension Board listened as finance and bonding experts explained the plan Tuesday. It would need voter approval in a November referendum and approval by the state treasurer and Office of Policy and Management.
“This could really be a game-changer in the way the city funds its annual pension obligations,” City Manager John Salomone said. He said the city could take advantage of the “extraordinarily low” interest rates to finance the plan.
El Cajon adopts $83 million budget for next fiscal year
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by Mark McDermott
The City Council on Tuesday night approved the final design for a new Fire Station #2, a $9.5 million project expected to be completed by 2023.
The existing Fire Station #2, located at 1400 Manhattan Beach Boulevard, was constructed in 1954. Senior engineer Mamerto Estepa Jr. told the council that the building has numerous deficiencies, including the fact that it is not earthquake-proof, has no changing areas or even bathrooms for female firefighters, is not large enough to fit modern fire apparatus that are not customized to fit within its bay doors, includes no ventilation or extractor systems to help make living quarters safe from the often toxic particles collected on firefighter turnout gear and fire apparatus, and no shop area to work on firefighting apparatus and other equipment.