Quincy Finance Committee approved police, fire pensions
QUINCY (WGEM) - Pension funding for Quincy police officers and firefighters was on the agenda Monday night at a finance committee meeting. It turns out, the city’s tax levy could be going down in the future.
The Finance Committee and City Council unanimously approved to fund police and fire pensions at 100% of the recommended amount.
Quincy comptroller Sheri Ray said the way it works is the state sets a recommendation which is usually a 90% minimum that the city can put toward pensions.
Ray said Quincy has paid 100% or more for the last few years and has the money to continue to do that.
The recommendation for the police pension is just more than $4.6 million and $4.1 million for the fire pension.
Ray said the city will be able to offset some of the costs with other revenue brought in from its PPRT, green energy and gambling funds.
”The good thing is that we’re funding pensions with the intent to fund over and above and because we have some commitments from video gaming revenues and some excess fund balance, we’re able to hopefully lower the amount of the pensions that’s put on the property tax bill,” Ray said.
”I think that’s a good thing. Every property owner that pays taxes in Quincy will get this benefit. If you own commercial property, if you own residential property, you’re going to get a savings,” Mayor Mike Troup said.
Troup said they will not collect as much money from property owners when they reduce the rate.
He said the rate they plan to propose is down to the level it was back in 1979.
Troup said the next step is to introduce the proposed tax levy to council next Monday where it will go through three ordinance readings.
Quincy City Council also adopted a truth-in-taxation resolution.
City officials said it’s a bureaucratic requirement by the state of Illinois which says the city won’t grow its tax rate more than 5%.
Council also tabled a resolution to update the employee handbook.
Third Ward Alderman Parker Freiburg announced his resignation.
He said next week’s meeting will be his last as he is taking over his family’s construction business and that will pose conflicts with the states rule’s regarding him sitting on council.
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