Pension matters top Board of Supervisors’ continued discussion of 2020 budget
Tentative budget adoption set for early July
Two pension-related issues will be among the issues that the Yavapai County Board of Supervisors will deal with this week during continued discussions of the upcoming county budget.
The board will conduct its regular meeting at 9 a.m. Wednesday, June 5, at the Board of Supervisors’ Hearing Room, Yavapai County Administrative Services Building, 1015 Fair St., Prescott.
Among the items on the agenda will an update and discussion about the budget for the upcoming fiscal-year 2019/2020.
County Administrator Phil Bourdon said Wednesday’s meeting will be the latest in a series of discussions by the board of the 2019/2020 budget, which is set for tentative approval on July 3.
Several issues remain before that vote, Bourdon said, and the board is expected to review those issues this week.
One will involve the board’s plans for paying off its unfunded liability with the Public Safety Personnel Retirement System (PSPRS).
Bourdon explained that the county is on schedule to pay off its unfunded-liability debt in about 18 years, based on the amortized PSPRS required-annual-contribution schedule. But last year, the county opted to put an additional $4.5 million toward the debt – on top of the required annual contribution – with the goal of paying down the debt sooner, Bourdon said.
At this week’s meeting, he expects the board to discuss whether to make an additional payment in the coming fiscal year as well, although he said no specific amount has yet been earmarked for such a payment.
Bourdon said he also plans to update the board on recent state legislation that will affect the county. For instance, he said the legislature approved an annual payment of $250,000 to each county to help with relief for the Election Officials Retirement Plan.
Yavapai County’s annual cost for that retirement plan “has been dramatically increasing for reasons completely out of the county’s control,” Bourdon said, and the state relief would go to help alleviate those increases.
In other action, the board will conduct a closed-door executive session to get legal advice regarding the Yavapai County Planning and Zoning Ordinance, as well as negotiations regarding purchase, sale or lease of real property.
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