City Council Approves $168 Million Pension Bonus for Retirees

In a recent government meeting, city council members approved a one-time bonus of $3,000 for retirees, funded through the pension fund. The total cost of this bonus is estimated at $16.8 million. Councilman Green emphasized the importance of supporting retirees, particularly in light of rising living costs, and advocated for a more sustainable plan for future cost-of-living adjustments.

Councilman Swearengen raised concerns about the city's budget constraints, noting that permanent cost-of-living adjustments could significantly impact future budgets. He highlighted that a 3% increase in pensions could lead to an additional $57 million liability.

The council also discussed a resolution to amend the city council community grant program for fiscal year 2025. The proposed changes aim to ease the application process for grantees by extending the paperwork submission window and reducing stringent requirements. Council members expressed enthusiasm for the revisions, with Councilman Walker requesting to be added as a co-sponsor.

Further discussions included potential amendments to grant eligibility criteria, specifically regarding funding limits. Councilwoman Heaster Thomas proposed eliminating a 30% funding cap for organizations, suggesting that flexibility could better support specific projects. The council agreed to explore language that would allow for higher funding thresholds for capital projects while ensuring proper tracking of expenditures.

The meeting concluded with a favorable vote on both the bonus resolution and the grant program amendments, signaling a commitment to support retirees and enhance community funding opportunities.