Amid cuts in services and staffing, Fairfax County has had to spend millions in recent years to bolster its employee pension funds hit by the tumbling economy. To compensate for the funds’ soured investments, Fairfax has had to pay $35 million in the past two years toward pensions for county government employees, cops and firefighters. On top of that, the county’s schools are asking for $14 million more than expected in fiscal 2012 to pay for a state-mandated increase in the contribution to the Virginia Retirement System. And beginning in 2013, the county will need to begin paying back $25 million per year for the next 10 years to make up for a delayed payment to VRS in 2011.
But in part to keep the promised employee retirement funds afloat, the county raised the property tax rate and made about $190 million in cuts over the past two years, resulting in everything from larger public school class sizes to fewer security guards at county facilities.
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