Government
Council Passes Fiscal 2020 Budget, Town Pays off Retirement Debt
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Town Manager Michael Driscoll’s plan to pay off Watertown’s retirement benefits deficit will come to fruition on July 1, 2019. Tuesday night the Town Council approved Watertown’s Fiscal Year 2020 budget, but it also marked the paying off of the town’s unpaid Retirement Benefits deficit and frees up millions to be spent in other areas, such as the school building projects.. On July 1, 2019, a payment of $13.18 million will be made, which will not only cover this year’s Retirement Benefits for town employees, but also the shortfall. Since Fiscal Year 2009, the Town has funded retirement at a rate of 152 percent to pay off the deficit faster. The total Fiscal Year 2020 budget of $147.76 million is 3.89 percent higher or $5.53 million more than Fiscal 2019, the current budget year.







