From the Mayor and Metro Council members to the County Clerk and Property Valuation Administrator, returning officials and newcomers will be inaugurated in Louisville on Monday.
Democrat Greg Fischer will be sworn into office for his third term as mayor of Louisville. Looking ahead through 2019 and beyond, Fischer is focused on economic and environmental volatility and their potential effects on the city.
But another pressing concern is Kentucky’s pension crisis, which he has said will unfairly burden Louisville and other local municipalities. Fischer addressed that last week at a news conference on another major issue, temporary shelter for some people in Louisville experiencing homelessness.
“Left unaddressed, we in our city government are going to have to be dealing with an additional $10 million requirement to fund the pension over our normal levels right now. That is a huge amount of money for our budget,” Fischer said.
He said diverting that much to pension payments could eat into what the city could allocate to issues such as affordable housing and homelessness.
“Those dollars are all competing with each other,” Fischer said.
He called for Frankfort to not only fix the pension system, but also come up with a funding solution for it. Kentucky’s pension obligation is among the least funded in the nation.
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