Greater Dandenong Council must find a further $5.1 million by July 1 to pay off a superannuation blow-out. Corporate services director Mick Jaensch said the council had paid $5.5 million of the $10.689 million liability in December. The balance would be paid through a loan of up to $1.85 million and reducing its capital spending on “asset renewal” for 2013-14. The liability is Greater Dandenong’s share of a $396.9 million shortfall in the defunct Local Authorities Superannuation Fund. The LCAF was a defined benefit scheme that covers past and present council employees in Victoria who began work prior to December 1993.
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