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Friday, October 7, 2011

Mayor Mentions Declaring Bankruptcy When Talking About City Pension Woes

For the first time, the word bankruptcy has been mentioned in connection with the city's financially strapped pension plan.

It's Mayor Ivan Court who's doing the mentioning as he expresses frustration with the province which ultimately will decide what the city's pension plan will look like.

Court goes on to say the magic formula to putting this right is not raising taxes by 16 or 18 cents or having no city services.

He also points out the city doesn't have the luxury of running a deficit like the federal and provincial governments can.