Grand Traverse to Tap into Reserves for Budget Fix

By: Associated Press
By: Associated Press

TRAVERSE CITY, Mich. (AP) -- Officials in Northern Michigan's Grand Traverse County will use $1 million in cash reserves to help balance the county's 2014 budget.

The Traverse City Record-Eagle reports Saturday that the county has been debating whether to fix the budget through cuts or by borrowing money to cover pension debt.

Commissioners this week approved using the $1 million from the county's $8 million fund balance.

Starting in January, commissioners will begin preparing a 2-year budget and look at a proposal to issue $46 million in pension bonds. Commissioners earlier rejected the bonding question.

Annual pension payments are projected to rise from nearly $4 million to more than $6 million by 2024.

A public hearing is scheduled Wednesday on the bonding proposal.

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