DEKALB, Ga. – DeKalb County CEO Michael Thurmond announced that the county’s projected FY2019 rainy fund balance has grown 10 percent, from $103 million to $113 million. The total represents two months of reserves to finance county operations.
“DeKalb County’s financial position is continuing to improve,” said CEO Thurmond. “The county has prioritized protecting the county’s infrastructure and financial assets.”
CEO Thurmond presented the FY2019 budget amendment to the Board of Commissioners at today’s Finance, Audit & Budget Committee meeting. The amendment includes a proposed two percent cost-of-living adjustment for the county’s retirees and beneficiaries. If approved by the Board of Commissioners, the increase will become effective on July 1, 2019. The annualized cost of the adjustment will be $2.1 million.
The FY2019 budget amendment also includes $9 million in additional contributions to strengthen DeKalb’s employee pension fund. The annual contributions will reduce the county’s $1.2 billion unfunded pension liability. The administration’s recommendation is projected to fully fund the employee pension plan by 2043.
Additionally, the budget recommendation contains funding to pay off a $12 million pension fund loan that was used by the county to finance a controversial early buyout plan for veteran employees in 2010. The loan indebtedness will be paid off 20 years ahead of schedule, resulting in a savings of $14.7 million in principal and interest payments.
Thurmond’s FY2019 recommended budget prioritizes river cleaning and provides $470,000 in funding to purchase a trash trap for the South River. The trap is designed to float in waterways in order to capture litter before it flows farther downstream by using the current to guide debris into the trap.
The budget will be voted on by the Board of Commissioners no later than Feb. 28, 2019.
###
1300 Commerce Drive Decatur, GA 30030
