Nevada County supervisors OK fiscal year 2018-19 budget
The Nevada County Board of Supervisors on Tuesday unanimously approved its fiscal year 2018-19 budget.
The $235,688,597 county officials approved is almost 3 percent higher than the 2017-18 fiscal year budget. Officials said they’ll garner $230,414,779 in revenue next fiscal year, leaving a gap of about $5.2 million.
Officials will bridge the gap with its fund balance, like a savings account, as well as with funds from other county departments.
“It’s a pretty tedious process, but I am very, very pleased with the results of it,” Supervisor Ed Scofield, the board’s chairman, said of the budget.
Supervisors took about 15 minutes to pass a series of resolutions related to the budget. Each passed 4 to zero. Supervisor Dan Miller was absent.
The new fiscal year begins July 1.
A statement from CEO Rick Haffey praises the board’s long-term financial planning over what he calls “gimmicky, quick and elusive fixes” often used by state and other local governments.
However, a grand jury last month said local pension programs may have caused an “unprecedented and largely unplanned increase in the cost of public employee pensions” climbing over $336 million in unfunded obligations.
Martin Polt, the county’s chief fiscal officer/deputy CEO, said the county has a fund balance of almost $30 million. Last year county officials placed $3.2 million in a trust that only can go toward pension costs.
“I feel that we’re doing all the right things to proactively manage our pensions,” Polt said. “We are planning for that.”
Scofield said he hopes the county’s investments will boost its reserves.
“The grand jury is certainly not telling us something we don’t know,” he added.
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