SPRINGFIELD, Mass. (WWLP) – Springfield Mayor Domenic Sarno announced on Thursday, that the city will add $1 million towards its Pension Stabilization Reserve Fund.
According to a news release sent to 22News from the mayor’s office, the money will be taken from certified free cash. The million dollar addition is to show Springfield’s financial strength and commitment to an aggressive pension funding schedule.
“Again, my administration has taken this issue very seriously,” Mayor Sarno stated in the news release. “This also strikes a proper balance that helps us continue to provide essential city services to our residents.”
This will leave $2,415,494 in free cash that will be transferred to the Stabilization Reserve Fund, leaving the fiscal year 2018 balance to $44,148,982.