Peoria leaders said they are in ‘survival mode’ and need to take $4 million from this year’s budget to help make pension payments for the next two years. The mayor calls for state action to fix the pension debt crisis.
Peoria Mayor Rita Ali said her city has little option other than to take $4 million out of the current year’s budget to help make the city’s public safety pension payments for the next two years.
“The only choices that we have right now until we can work with Springfield to fix the broken system is those band-aid approaches, those short-term strategies because we’re in a survival mode,” Ali said.
“We have a broken pension system throughout the state of Illinois, we’re not the only ones that are experiencing these huge liabilities. Under the current structure we have, we’ll never catch up, not in our lifetimes.”
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