How are public safety pensions funded in Peoria?

For many years, Peoria used income taxes and property taxes to make its contributions to public safety pensions. Today, 73% of the City's property taxes go to police and fire pensions. Public safety pension funding is the fastest-growing portion of the City's budget. The growth in these contributions have diverted municipal revenues away from funding other important programs and services. In 2008 the City contributed $8.5 million to police and fire pensions. In 2018, the City contributed $18.4 million to police and fire pensions. The City took two rescue squads out of service in 2019, and have left numerous police officer positions vacant in order to balance the budget. Total headcount in the City is at the lowest levels in 25 years.

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1. What is a pension?
2. Who makes Public Safety Pension Fund Decisions?
3. What is the fiscal condition of the Peoria Police and Fire Pension Funds?
4. How are public safety pensions funded in Peoria?