Mary Hansen
The State Journal-Register
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Pension liability
Chad Lucas, a representative from Sikich, which recently performed the yearly audit for fiscal year 2016, told aldermen that the city’s financial situation has deteriorated from the previous year. Lucas said it was in part due to the fact that pension liability, which he said is close to $500 million, must now be included in financial statements.
The city’s liability for police and fire pensions increased by $99 million, Ward 7 Ald. Joe McMenamin pointed out.
“The impact of this is that we’re really shifting current responsibility to future generations and our future budgets will be devoted more and more to pension and health care costs. Delay only makes it worse for the next generation,” he said.
Joe McMenamin for Ward 7 