Post by Logan on Mar 28, 2016 20:16:38 GMT -6
Detroit — The city’s financial officer on Monday said the city could add $30 million this fiscal year to pay into the city’s two pension funds, three times more than initially planned.
“It’s our expectation that … we’ll have an additional $20 million-$30 million that we’ll be able to set aside for the pension plans,” said CFO John Hill. “We’ll know that in a few days as we’re finalizing the audit.”
Hill made the remarks during a presentation on the city’s four-year financial plan to the Detroit Financial Review Commission.
His plan follows remarks by Mayor Mike Duggan in his State of the City address in February that a $491 million shortfall looms for the city’s pension funds, where massive legacy costs come due in 2024. He said his administration would bring in an expert to analyze estimates and had plans to set aside $10 million a year over two years from a budget surplus aimed at reducing the pension fund deficit.
Read more: www.detroitnews.com/story/news/local/detroit-city/2016/03/28/detroits-cfo-city-may-kick-pension-funds/82362140/
“It’s our expectation that … we’ll have an additional $20 million-$30 million that we’ll be able to set aside for the pension plans,” said CFO John Hill. “We’ll know that in a few days as we’re finalizing the audit.”
Hill made the remarks during a presentation on the city’s four-year financial plan to the Detroit Financial Review Commission.
His plan follows remarks by Mayor Mike Duggan in his State of the City address in February that a $491 million shortfall looms for the city’s pension funds, where massive legacy costs come due in 2024. He said his administration would bring in an expert to analyze estimates and had plans to set aside $10 million a year over two years from a budget surplus aimed at reducing the pension fund deficit.
Read more: www.detroitnews.com/story/news/local/detroit-city/2016/03/28/detroits-cfo-city-may-kick-pension-funds/82362140/