City Pension Fund

The new City Manager is trying to clear the air about the recent reports surrounding the pension fund. Pat Woods says the $10 million dollars is an estimate of what the city may have to pay on the fund, it's not as if there is an invoice. Woods says if it turns out the payment is less than that then the city can't get that money back. The city manager says even though there is legislation in place that prevents a deferral, there are also rules in place about changing the benefits structure. He says either way a change is going to have to take place. Woods says what the city is asking for is a bit of time to try to find a solution to the pension problem. He says by September a plan will be ready to present in the Legislature.