The Warwick City Council heard a presentation from actuary Joe Newton regarding the city’s pensions and other post-employment benefits (OPEB) during the council’s regular meeting Monday …
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The Warwick City Council heard a presentation from actuary Joe Newton regarding the city’s pensions and other post-employment benefits (OPEB) during the council’s regular meeting Monday night.
Currently, according to Newton, Warwick must contribute more than $50 million to these programs in future budgets, largely because of some pensions and programs being unfunded in past budgets.
“If all of your plans were fully funded, which means all of the debts of the past had been paid off, this year’s contributions to all of these programs would only be about $15 million,” Newton said. “As it stands, it’s about $56 million. The majority of your current contributions are actually going to pay for the past. It’s to pay off the debts.”
Specifically, Newton said, the amount Warwick will need to put into each post-retirement program in Fiscal Year 2026 stood at $56.6 million. In FY25, according to Newton, Warwick has put in $55.2 million.
Making sure the city is contributing more to bring the accrued interest down, Newton said, is key. His projections showed the city shedding those unfunded liabilities within the next 25 years.
“It’s also a rate that should be, over time, less than the growth of your budget, so that every year, it’s becoming a little bit of a smaller piece of your budget,” Newton said. “As we go forward, that’s going to ensure benefit security.”
The council also gave unanimous second passage to two previously discussed items, one amending the city’s zoning ordinance to allow for the construction of a cellphone tower off 150 Draper Ave. and another increasing the area in the city where marijuana could be sold.
During the council’s Feb. 10 meeting, Verizon representatives said that the tower would be a relatively low height, due to its proximity to T.F. Green, but would notably improve service in Conimicut and Warwick Neck and would be a significant distance away from each of the property’s abutters.
An additional ordinance allowing lease of the land the tower will be on to Verizon received first passage at Monday’s meeting.
Marijuana sales are now allowed in the city along Route 2 from the intersection with Cowesett Road to the intersection with West Natick Road. Before its passage, the northern terminus of the area where weed could be sold was Route 113.
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