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Hazleton mayor proposes moving $1M from city's pension fund

Written by The Associated Press | Aug 14, 2017 3:11 PM
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(Hazleton) -- 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.

The Hazleton Standard-Speaker reports the council will consider the resolution Tuesday.

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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