City Council Faces Budget Shortfall Amid Pension Concerns

During a recent government meeting, officials discussed the ongoing budget shortfall and the need for a public safety tax. The preliminary revenue forecast for 2024 indicates that expected funds will fall short of the adopted budget. Specific details about the shortfall will be provided in the next meeting.

One major concern raised was the pension fund, which is currently facing a deficit of approximately $50,000. Officials noted that the fund has been under pressure due to retirements, with 15 employees nearing the 30-year mark. There is uncertainty about future retirements, as not all employees disclose their plans in advance.

The discussion highlighted the importance of setting aside money in reserves to prepare for these retirements. Currently, the reserve is at 26%, amounting to about $7.2 million. Officials acknowledged the need to ensure that funds are available to honor long-serving employees when they retire.

The meeting concluded with a commitment to address these financial concerns in detail at the next gathering, ensuring that all council members are informed about the budget's status and the necessary appropriations.