News

Hazelton mayor proposes moving $1 million from city's pension fund

Written by The Associated Press | Aug 15, 2017 2:06 AM
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(Krista Schneider/Courtesy of Downtown Hazleton Alliance for Progress)

(Hazelton) -- Hazleton City Council will consider the mayor's proposal to temporarily move $1 million from the pension fund to meet payroll revenue and pay off bills.

Council members are slated to consider the resolution today.

Mayor Jeff Cusat says he's asking for the temporary transfusion, as the city's general fund faces a shortfall for the foreseeable future.

The $1 million loan must be returned to the pension account by the end of the year.

The city borrowed $500,000 from the pension fund in 2016 and restored the account in full, with interest.

The administration also borrowed $1 million from the fund to pay cover operational costs at the beginning of this year -- and repaid the account, with interest.

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