Binghamton Paid Up on Pension Costs
12/7/2012 (Updated 11:09:44 PM)(Source: Fox 40 Staff)
Mayor Matt Ryan signed legislation today that makes the city of Binghamton up to date on all of its pension costs.
The city had deferred $1.4 million of this year's pension cost to limit the local tax rate. But it can be paid off now because the police and fire pension bill is lower than expected. Additional funding comes from unfilled police and fire positions, and city reserves.
"My goal has always been to make sure the next mayor has the best fiscal situation possible and that we get our city's finances under the most stable footing possible. And with this move we'll have done a lot to ensure that by the end of next year we'll be in much better shape moving forward," said Mayor Ryan.
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