WAVE 3 TV Louisville, KY | Councilman: use Rainy Day Fund to pay firefighters
Member Center:
Jon AckersonLOUISVILLE, KY (WAVE) - The city of Louisville owes firefighters $45 million, and a Metro councilman says he has a way to handle the huge tab.
On Wednesday, Metro Councilman Jon Ackerson announced that he is sponsoring an ordinance that will require the city to use funds from its Rainy Day account to pay the settlement.
"The responsible way to meet this obligation is to pay it out of the surplus Rainy Day Fund," Ackerson said. "That's why you have a Rainy Day fund. That's why you have a savings account to get through that issue."
The Metro Council will vote on the settlement Thursday.
Ackerson says there is approximately $85 million in the Rainy Day Fund right now, and that about $29 million should be slated to pay the overtime owed to firefighters.
"By doing that, we eliminate doing a 20- to 30-year bonded obligation, which all the taxpayers will have to pay.
Right now, the mayor is planning to use a combination of borrowed money and cash reserves to pay the settlement.
Copyright 2009 WAVE-TV and Raycom Media. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
Comments Terms of Use: We welcome your participation in our community. Please keep your comments civil and on point. Notify us of any inappropriate comments by clicking the “Mark as Offensive” link. You must be at least 13 years of age to post comments. By submitting a comment, you agree to these
Terms of Service
You must be logged in to leave a comment. Login or register See all comments |
