Quincy residents, you could soon see an increase in your property taxes. The reason is because of the city’s ever growing pension costs.
The issue was discussed at Monday’s budget review meeting.
Mayor Kyle Moore says over the last couple years the city has been able to dip into reserve funding to help pay for those public safety pensions but that money is no longer there, so the city is going to have make some tough decisions.
Moore says the state usually releases their pension report in December so this fall Moore says aldermen are will need to be creative in how to fund it. The city can fund it through fee and revenue increases or cuts to city services.
“It’s frustrating for me because people do not understand how much our hands are tied behind our backs,” said Moore. “Often times when we talk about pensions, people say why don’t you just offer them a 401K. We cannot do that based on state laws.”
Moore says the city’s pension funds have to be 90 percent funded by the year 2041 and they city has to make minimum payments each year. Unfortunately, those payments continue to increase each year.
and at this point Moore says the city has more retirees than they do of people paying into pensions.
No word yet on how much property taxes could increase next year.