At least one Springfield alderman is already coming out in opposition to Mayor Mike Houston’s budget proposal.
Houston this week delivered a budget that he says is balanced… and applies a million more dollars toward the city’s unfunded liability for police and fire pensions. But Alderman Joe McMenamin says that’s not enough to make a dent in a funding gap that’s approaching $200 million.
McMenamin also says the city is digging an even deeper hole by overestimating the rate of return on pension investments. But Houston says accepting a lower estimate would force the city to kick in even more money, taking resources away from other vital services.