With a substantial statewide deficit comng forward in the state retirement system, local municipalities anjd 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 identifing a large cash reserve to address retirement benefit concerns
Heath says the city is also setting up a trust in which to ivest the 1.75 million dollars.
As a result, Heath is confident that the Grand Jury will be satisified with the cities response to CALPERS concerns, and that Grass Valley will be able to handle payments over time.