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Council accepts firefighters pension report, approves $187,080 levy request
Summary
Council received the Firefighters Pension Board annual report showing assets of $2,841,000 and a funded ratio of 84.5%, and approved a tax-levy request of $187,080 (including an additional $100,000 contribution) to meet actuarial needs.
The council heard the Firefighters Pension Board's annual report and approved its formal tax‑levy request. The presenter reported an actuarial asset value of $2,841,000, expected payroll deductions of $30,000 and employer contributions of $215,000; retiree payouts were estimated at $266,000. The funded ratio improved to 84.5% from 75.9% the prior year; the board said it must reach 90% by 2040.
Miss Quinn summarized the actuarial recommendation and the proposed levy: the actuarial recommended contribution was $69,980; after adding administrative and insurance expenses, and an additional board-recommended contribution of $100,000, the total levy request presented to council was $187,080 (compared with $201,007.95 requested last year). Council moved, seconded and voted to accept the report and approve the levy request.
