Mayor Ryan: Binghamton Pensions Out of Debt

By Matt Porter

December 7, 2012 Updated Dec 7, 2012 at 8:09 PM EDT

Vestal, NY (WBNG Binghamton) The city of Binghamton said it no longer owes money on its pension funds for non-uniformed employees.

Mayor Matt Ryan signed legislation paying off a deferred debt of $1.4 million.

The city had the money because the bill for this year's police and fire pensions was $1 million less than forecasted.

It also saved $240,000 from vacant fire department positions, and took just under $200,000 from the more than $6 million in city reserves.

The act helps Ryan avoid becoming Binghamton's first mayor to hand off pension fund debt to the next mayor.

"With this move," said Mayor Matt Ryan (D-Binghamton), "We've done a lot to ensure that the end of next year we'll be in much better shape going forward."

Ryan said paying off the debt has solidified the city's financial footing and helped Binghamton's credit rating come off Moody's watch list.