Paying Down Pensions

Naperville could use its $6 million budget surplus to help pay down their public safety pension obligations.

At their latest budget workshop, council members voted six to three to make a one-time payment to both police and fire pension funds.

They will then borrow about $5.6 million for capitol projects.

The city’s unfunded pension fund currently totals $97 million.

Councilman Grant Wehrli introduced a long-term plan to help pay down pensions by using a portion of the Special Events and Cultural Amenities (SECA) fund.

The city already gets .25% and puts it in their general fund. The change would place that money into a different fund specifically for pensions.

Council will discuss the plan at their SECA workshop on March 11th. A public hearing will be conducted on April 2nd and council will vote on the final budget on April 16th.

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