Glen Cove to borrow up to $1.1M for retirements
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Glen Cove will borrow up to $1.1 million to cover another wave of retiring police officers at the end of a year that one councilman called "an anomaly" in terms of departures.
The City Council on Tuesday voted 6-0, with Councilman Anthony Jimenez absent, to approve the serial bonds.
The $1.1 million comes on top of $3.5 million borrowed in July, also for retirement costs -- including unused sick and vacation days -- for a thinning blue line.
The amount is less than the $1.6 million proposed last week. City officials said they met with Police Benevolent Association representatives last week to determine exactly how many cops will retire before year's end and learned one fewer will be leaving.
The $1.1 million will cover three police officers and shortages from the previous batch of retirements.
The police force started the year with 52 sworn members and hired five cops, but will lose at least 14 before Dec. 31.
"The interest on bonds is paid with taxpayer dollars, and we don't want to place any additional burden on taxpayers," Councilman Reginald Spinello, an Independence party member, said Wednesday. "But this year is an anomaly."
GOP Councilman Anthony Gallo Jr. said a "reserve account" should be established to limit future borrowing.
Mayor Ralph Suozzi, a Democrat, said the latest wave of retirements is "more than we thought, but one less than we were told a week or two ago."
Police have attributed the high volume of retirements to the aging-out of the department and the Dec. 31 expiration of a five-year PBA contract that leaves them unsure of what's to come.