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Tuesday, March 27, 2012

City Not Making Error-Related Pension Payment

The city will be on the hook for interest and penalties for deciding to not make good on a 800-thousand pension payment miscalculation.

Councillors Bill Farren and Patty Higgins voted against making the payment which was part of a 2011 deficit payment.  Council need two-thirds of council to approve it.

Bill Farren says he voted against the payment as a sort of protest against the pension board, which to him seems to operate by their own rules.

[CLIP]...arm's length group (14 secs)

As for criticism that his vote downloaded additional costs to the taxpayer, Farren would only say he doesn't think the interest is very high and the public is footing the bill either way.

The payment was suppose to be made by the end of the month.