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Aldermen Approve Extra $1M for Fire, Police Pensions

Aldermen Approve Extra $1M for Fire, Police Pensions

Photo: Newsradio WTAX

An extra $1 million will be funneled into the underfunded Springfield police and fire pension funds, an extra $500,000 each. But at what cost?

The money comes from City Water Light and Power’s Payment in Lieu of Taxes (PILOT) fund, which ended last year with a $2 million surplus. But Mayor Mike Houston says it likely won’t be that way this year.

“I think there is a very good possibility that we’re going to have to put some additional dollars back into CWLP,” says Houston. “That’s not something that was factored into the budget, that’s going to affect the CWLP budget. It’s also going to affect our corporate fund.”

Houston’s unsure if he’ll veto the measure. It passed 8-2, and 8 votes are needed for a veto override.

Aldermen who supported it admit that $500,000 per fund is a drop in the bucket, but solvency has to start somewhere.

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