Brookhaven Town Supervisor Edward P. Romaine plans to introduce a resolution to create a pension contribution fund to reduce millions in rising pension costs.
Romaine, during his inauguration speech at Town Hall on Tuesday, said the town’s pension costs rose to $13.5 million from $8.1 million in 2013 despite reductions in the size of the town staff.
“As Wall Street crashed in 2008, New York State pensions, which are heavily invested in stocks and bonds, dramatically increased the town’s pension contribution to cover losses in the stock market,” the Republican supervisor said in the 45-minute swearing-in ceremony. “As the town continues to sell and shed nonessential, nonperforming assets ... some of the proceeds from the sale of these assets will go into this reserve fund.”
Romaine also said he wants to work with Suffolk County to protect Long Island’s waters, including the Great South Bay and Moriches Bay.
“Many tributaries such as the Forge River have increasingly been degraded by pathogens and nitrogen from septic tanks and cesspools,” Romaine said. “This negatively impacts the ecosystem of the water bodies surrounding Long Island.”