The Marquette County Board of Commissioners heard a presentation on the county’s 2012 audit at their meeting Tuesday night.
In the audit, changes could be coming to how the board audits pensions and healthcare. The values of the pensions would be based off historical actuarial rates, which would help the county keep their finances in balance.
“They (the Governmental Accounting Standards Board, or GASB) want to start showing municipalities here’s what your future unfunded liabilities are, because everybody’s are growing so large, and a lot of places don’t have a handle on it, they don’t have a funding mechanism going forward,” Michael Gentz, an accountant with Anderson & Tackman said.
There was some concern from the board, wondering how the new changes would impact bonds for the county.
“The bonding companies are going to look at the financial statements and see where those liabilities are going to basically overturn that assets and available tax flow,” Commissioner Paul Arsenault said. “And if that’s in a couple of years, and you want to do a twenty year bond or a twenty-five year bond, in their eyes you’re not going to cash flow it.”
“You’re either going to pay a high premium and fees on it or you’re not going to get it at all.”
The commission also approved a grant resolution for taxiway improvements at Sawyer International Airport and lease agreements for Alder Lumber and Gwinn’s Red Fox Golf Course.