The Springfield City Council is getting a “do-over” — it might reconsider spending $1 million on underfunded police and fire pension funds.
The idea was approved in August — but it’s back for re-passage due to a technical error in the ordinance’s language. Some aldermen think beginning to shore up the pension funds is a top priority
“We’re taking money off the table that can’t be spent for other purposes,” said Ward 7 Alderman Joe McMenamin, who’s in favor of fixing the ordinance. “Instead of finding new obligations to satisfy, we’re taking care of our existing obligations.”
But several aldermen, including Ward 2’s Gail Simpson, don’t see it that way. She’s reminded of the dire situation at City Water Light and Power, which is facing technical default and could also use a cash infusion.
“I get that we have shorted our pension payments. I get that,” she said. “But we have to deal with issues that occuring right now, right today, that are affecting our ratepayers.”
CWLP is considering fee hikes — officials say $1 million would help but wouldn’t be the entire solution.
Aldermen will consider the matter on final passage next week.