Common council is staring down the barrel of a year end deadline.
Pension consultant Mel Bartlett of Morneau Sobecosays a valuation of the plan will be done to determine the size of the funding shortfall — and — provincial legislation says the city will be responsible for making up the deficit by contributing 35-percent of the total payroll beginning January 1st, 2010.
Bartlett says the size of the city’s responsibility can be reduced if it can reach an agreement with its employees and retirees to help shoulder some of the burden — but — he says some of those changes may require legislative changes to the pension act.
The city’s responsibility could mean as much as a 14-cent increase on the tax rate or a reduction in services.
