City may have to borrow $5M to cover retirement payouts to cops, firefighters

PATERSON — The city Council is grappling with a $5 million borrowing plan to help it cover severance payouts — including one worth $232,000 for a high-ranking fire official, NorthJersey.com reported.

The severances will be doled out to 47 Paterson employees who are retiring this year — including 16 police officers and eight firefighters, each of whom would receive more than $100,000.

City Business Administrator Nellie Pou, however, would not disclose who was receiving the money.

A plan to borrow the money was given preliminary approval Tuesday night by the city Council. A public hearing for the plan will be held …read more

Source: NJ.com Passaic

(Visited 2 times, 1 visits today)

Popular Posts