Post in Minneapolis Pension Levies

Mar 31 14:58 UTC

I think that this may be a rare case of Carol being incorrect, unless there's a
technicality in her answer that I'm missing.  The Council in 2003 shifted $12.5
million from the Legacy Fund to pay debt service on pension bonds.  For the
council action, search on "Legacy" at:
http://www.ci.minneapolis.mn.us/council/archives/proceedings/2003/20031215-proceedings-adj.pdf

Steve Brandt
Star Tribune

>>> "Carol Becker" <<email obscured>> 3/27/2008 11:23 PM >>>
Cheryl Luger asked:

>How much pension money is coming from our Legacy(Hilton) fund?

Answer: None

>Is the accounting for that separate from the NRP common project transfers to
the Legacy fund?

Answer: They are separate.

>Will the pension payments draw down the Fund balance, decrease discretionary
development funds...then requiring more transfers of NRP/neighborhood money?

Pension funds are not related to the NRP.

>Will the city Legacy fund pay back the transfers to the NRP common project
for neighborhood projects? I don't think the state legislation intended for
this use of funds when the Tif's were established for neighborhood improvement.

The use of the Legacy fund is up to the discretion of the City Council. It is
their decision on how to use it.  As far as I know, there are not restrictions
on that money.

Carol Becker
Longfellow
President, Board of Estimate and Taxation

Carol Becker
Longfellow, Minneapolis
Info about Carol Becker: http://forums.e-democracy.org/contacts/carolbecker

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