[Nevada County] Grass Valley Responds to Grand Jury Concern

With a substantial statewide deficit coming forward in the state retirement system, local municipalities and agencies are faced with funding the projected 29% of unfunded liabilities with CALPERS. As a result, the Nevada County Grand Jury asked the city of Grass Valley if it was prepared to handle the fiscal challenge. City Finance Director, Andy Heath says Grass Valley is taking appropriate actions. The first step was identifying a large cash reserve to address retirement benefit concerns.

Heath says the city is also setting up a trust in which to invest the 1.75 million dollars. As a result, Heath is confident that the Grand Jury will be satisfied with the cities response to CALPERS concerns, and that Grass Valley will be able to handle payments over time.

July 30, 2018

KNCO News Talk