MOLINE -- The city is planning its 2015 budget and aldermen, sitting as the committee of the whole tonight, will review reports that recommend contributing $7 million to the police and fire pension funds. |
According to actuarial valuation reports, the city's contribution to the pension funds needs to increase $436,746 next year.
The reports recommend that the city levy $3,542,595 for the police pension and $3,488,751 for the fire pension.
Moline's contributions to the police and fire pension, and the Illinois Municipal Retirement Fund, are paid with property tax revenue. Illinois state statute also requires employees to contribute a specific percentage of their salary to the pension funds.
In other business, Christopher Woods, president of Three Corners Development, is scheduled to give an update on The Mills at Riverbend Commons, a student housing building now under construction adjacent to the Western Illinois University QC Riverfront Campus.
The committee of the whole meets at 6:30 p.m. on the second floor of city hall, 619 16th St. The city council meeting immediately follows.
Agendas are available at city hall or online with attachments at moline.il.us.
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