Posted by Debra Worley - email
WILMINGTON, NC (WECT) - The city is offering incentive packages for employees eligible to retire in effort to bridge a $6.6 million budget shortfall.
The city estimates about 100 employees are eligible for the early retirement plan. The city could save up to $1 million, depending on how many decide to take the offer.
Letters will be sent to the homes of eligible employees today with the deadline to sign up May 15 and July 1 as the general effective retirement date.
The city has almost completed a budget for 2009-10, which will be recommended to city council in May.
According to the city, several strategies are being considered as options to help balance the budget, with the focus on maintaining core services without laying off employees. A combination of those strategies will be used to develop the budget, including reductions in all city departments.