On Thursday, City Council has revised the very pension they proposed on Wednesday after a veto from the mayor but still before the December 31st at midnight deadline to come up with a way to keep the city's pension from a state takeover. The city's actuaries uncovered a mathematical error with the pension bailout proposed on Wednesday so additional funds will be placed in with a plan in taking out additional debt in 2018.
Council Member Bill Peduto said this latest plan is the best of all of them and should have been initially proposed but council was given incomplete information by the state as to how they should have gone about proving they had the necessary 50 percent of the pension fund secured.
"The plan that is being pushed today has the least negative impact. There's a negative impact with all of them this one has the least negative impact with the amount of money that is being used out the budget. In other words, it has the least amount of taxpayer money involved with it," he said.
City Council will meet at 1pm on Friday to vote on the new plan. They will send it over to the mayor's office at which point he will be able to veto it again. City Council will then meet again at 11pm where they will override the mayor's veto.
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