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Committee flags police‑pension funding shortfall; fuller funding would require higher millage
Summary
Staff told the committee the current rate covers roughly 20% of police‑pension costs; members said full funding would require between 1.2 and 1.5 mills and discussed phased or separate council action.
Committee members heard that the rate currently applied to police pension dates back decades and no longer covers retirement costs. "The rate now covers about, 20% of the actual cost of of police pension," Jennifer said, adding that the historical rate likely funded a larger share when enacted.
Members and staff discussed what full funding would look like: one committee participant said reaching full funding would require roughly 1.2 to 1.5 mills, but staff presented a constrained option that would increase the levy by 0.4 mills while using a reduction in the streetlight assessment to keep the overall resident impact neutral. The committee recommended the 0.4‑mill adjustment to be forwarded to council and noted further study or phased approaches may be needed for full actuarial funding.
