Grand Traverse Co. Taps Reserves to Balance Budget

By: Associated Press
By: Associated Press

TRAVERSE CITY, Mich. (AP) -- Grand Traverse County officials have decided to buy time by spending $1 million in reserves as they consider how to a short-term deficit and a long-term unfunded pension liability.

The Traverse City Record-Eagle says that county commissioners voted last week to use $1 million from their $8 million general fund balance in the fiscal 2014 budget. The balance will fall from about 18 percent to about 15 percent of annual general fund spending.

The commissioners also face a challenge of covering a $46 million unfunded liability in the county's pension system. They recently rejected on a 4-3 vote a proposal to issue a $46 million pension bond that taxpayers would repay over 20 years.

The commission holds a hearing on a bond sale proposal at 7 p.m. Monday.

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