- January 8, 2023
- Posted by: Bastion team
- Category: World News
ELKO – Elko County carried over a healthy amount of money into the current fiscal year, far more than in some years, and that cushion should help as the county faces increased retirement contributions, according to Teri Gage of the accounting firm Eide Bailly LLC.
She said that starting in July 2023, the Public Employees’ Retirement System of Nevada rates “go up quite significantly.” The rate will be 33.5%, compared with the current 29.75%, for the county’s contribution for regular employees.
Police and firefighter contributions go from 44% to 50% for PERS, which is the pension fund for government employees in Nevada.
The balance carrying over for the general fund into the current fiscal year was at 50% of expenditures, which Gage said “really improved” from past years. The state recommendation is an 8.3% ending fund balance.
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