Kentucky: Pension proposal may give Louisville boost
According to the Courier Journal:
State pension reform could save Louisville several million dollars next year, at a time when the city faces one of its most challenging budgets since merger.
The state's plan for bringing its pension system into balance includes a one-year reduction in the rates cities pay into the County Employee Retirement System, which is separate from the state system and is funded at appropriate levels.
Louisville had expected to pay $63 million into the pension system this year. But that amount would be reduced by more than 4 percent if the legislature passes the reform bill.
After the House and Senate agreed on the framework for pension reform, Gov. Steve Beshear said he plans to call a special session the week of June 23 to deal with the issue.
That's the same week the Louisville Metro Council will have to pass a city budget for the new fiscal year, which begins July 1.
Council members have struggled through two weeks of tough budget hearings after Mayor Jerry Abramson's proposed $812 million spending plan cut funding for many nonprofit agencies that provide services for the poor, young people and the arts. The budget also would provide no new funding for many city departments such as parks and libraries.
Those nonprofit agencies, called "external agencies," were reduced in the proposed budget to $4.2 million, from $6.8 million this year. Several council members have been vocal about replacing that money.... click to continue.
