Board of Aldermen Page 5
May 24, 2016
the legal authority from the Board of Aldermen; it’s just an artificial designation by the CFO. If you are
going to set aside savings then take the end of year surplus and escrow that money into one of these
expendable trust funds; 7025 or 7076. Now, talking about surplus, there has been a consistent $1
million surplus in the pension fund; in the 52150 fund; it’s been consistently underfunded by $1 million.
Look at the profile in 2017 if you look at 5150, it looks like it’s about $1 million ahead this year. It was
just like last year. This was recognized by the very champion of the current plan B, Alderman Siegel,
who two years as a freshmen Alderman said he did this fantastic analysis and he came up with a
$400,000 savings and guess what? Those are $400,000 savings in the very same pension but not the
regular budget for. This entire Board voted unanimously to cut $400,000. You surely do not need to
override the spending cap with 10 votes required. Six votes | hope hold out. | think Mayor Donchess did
an outstanding job and held to his pledge of sticking with the cap. Alderman Siegel and some others
want to override the cap. They say why is there a cap? There is a cap because citizens want you to cap
and prioritize your budget not override it even when it’s not necessary to override it. There is no
emergency here. CFO Griffin admitted that the $350,000 is funded and the whole discussion degraded
into well, we have to override the cap so we have another $350,000. The fact that it overrides the
spending cap in 2016 to spend the money in 2017, 2018 or 2019 is craziness. Plan B, just like plan A
makes no sense, Alderman Siegel.
| should also mention that Alderman O’Brien is beneficial of this legislation because he gets a very
generous pension. His pension is about the same as the highest salary he ever made.
Alderman Siegel
Point of order, that’s out of line, it has nothing to do with any legislation.
Alderman McCarthy
Please don’t refer to any personnel, Mr. Teeboom.
Mr. Teeboom
It’s got to do with the pension.
Alderman McCarthy
He does not receive any additional pension benefit whether or not this legislation passes. What he will
receive is set by law.
Mr. Teeboom
That’s correct, | certainly don’t deny that but there are funds for that. There are accounts all around
starting with the state law. The Trust Fund Board is inundated with union representatives.
On a persona note, on April 26", Alderman Siegel named himself Prometheus who is a God and a
Greek...
Alderman Siegel
What are you talking about?
