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 (http://bit.ly/1amS4e1 ) 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.
Information from: Traverse City Record-Eagle, http://www.record-eagle.com