The city's former Finance Commissioner, Andrew Beckett will be back on the witness stand this morning at the defamation trial of former Common Councillor John Ferguson.
Mayor Ivan Court is also expected to testify at some point. It has been revealed the city's pension plan needed a return on its investments of 8 per cent to break even which wasn't a problem in the late 1990's when it enjoyed double digit returns.
Mayor Court tells CHSJ News the plan went from an 18 million dollar surplus to a 31 million dollar deficit when the assumed rate of return was lowered by the Superintendent of Pensions at the time.At the beginning of the year 2000, the city's pension plan had a surplus of 29 million dollars. It now has an estimated deficit of 190 million dollars plus.