St. Louis, MO – The St. Louis Board of Aldermen has approved the city's operating plan for fiscal year 2010.
The $960 million budget is essentially the same as last year's, as revenue remained flat. To cope with rising expenses, aldermen are counting on $3.4 million in salary savings from furloughs - a week for regular civil service employees, two weeks for management-level. The aldermen have agreed to dock themselves a week's pay - President Lewis Reed will lose two weeks - but police and fire are exempt.
Jefferson City, MO – Investment and operation staffers for the Missouri State Employees Retirement System will receive about $460,000 in bonuses that some state lawmakers have called inappropriate.
MOSERS lost $1.8 billion this year, but the pension system has outperformed the market over the last five years, and met performance objectives for this year. The MOSERS board did authorize a study of the system's compensation system.