Reading Gets Unexpected $1.3 Million

A 1947 topographic map of the Reading, Pennsyl...

A 1947 topographic map of the Reading, Pennsylvania area. (Photo credit: Wikipedia)

Reading’s coffers got a welcome infusion of $1.3 million due to an excess of payments to the police and fire department pension funds.

City Council voted to transfer the money to the general fund at Monday’s meeting.

The excess, detected in a recent audit, was due to a miscalculation in allocations to the pension funds.

Council budgeted pension contributions of all police and firefighters, including those in the Deferred Pension Retirement Program, or DROP.

Read more: http://readingeagle.com/article.aspx?id=411767