By Wiley Wood

At a gathering of the Coalition for Sound Growth on August 25 Michael Sconyers, chairman of Norfolk’s board of finance, reported that the town’s pension fund is $1 million in debt. “We had been underfunding the pension plan,” said Sconyers, “and then the market went down and didn’t rebound enough. This is something we have to take care of.” He explained that pensions are currently being paid with tax revenue.
“We’re going to bond,” said Sconyers. He plans to bundle the pension fund shortfall with renovation costs for the firehouse and the city meadow park and would like to see savings in the education budget from consolidation before incurring the costs of bonding. “It’s all connected,” said Sconyers.