City to vote on refinancing debt , use funds for employee retire - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

City to vote on refinancing debt , use funds for employee retirement

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The City of Wilmington is taking new measures to make sure it's employees are covered for retirement. The City of Wilmington is taking new measures to make sure it's employees are covered for retirement.
WILMINGTON, NC (WECT) -

The City of Wilmington is taking new measures to make sure it's employees are covered for retirement.

At their meeting Tuesday night, the council will vote whether or not to refinance millions of dollars of debt.

Staffers estimate the money saved through this effort will come close to $2 million.

They said this money could go towards multiple funds including one for city employee retirement.

Wilmington Mayor Bill Saffo said it's good to put the retirement money away now, before it costs taxpayers.

"We don't want to wake up someday and have somebody say you guys have to finance this at 100 percent and you could possibly be looking at 2 to 3 cent tax increase on the taxpayers of this community just for the funding of a retirees benefits and we just don't want to do that," Saffo said.

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