Yorktown Had $1 Million Shortfall In Pension Fund Payment

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YORKTOWN, N.Y. -- The Town of Yorktown is facing a $1 million shortfall in state pension cost projections, according to a report from the Examiner. 

About $1.6 million was estimated by Town Comptroller Patricia Caporale and Supervisor Michael Grace in the town's budget, but the payment sent to the state on Dec.13 was more than $2.6 million, according to the Examiner report.

"To make up the difference, the Town Board approved a transfer from general fund balance of $972,000 on April 1, nearly four months after the bill was paid, leaving Councilmen Nick Bianco and Vishnu Patel to wonder why the board was not notified of the discrepancy last year," according to the Examiner News report. 

“Right now we’re trying to figure out what occurred and who knew what and when,” Bianco said in the Examiner report. “How did we not know that this bill went up? Why didn’t somebody say something?”

Click here to read the entire story from the Examiner.

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For an explanation of what went wrong with the 2013 budgeted pension payment, check out www.yorktownbettergovernment.org/pension-shortfall.htm.