I have heard there is an unassigned King William County Reserve Fund that stands at about $10.9 million. It seems out of alignment with other Virginia counties’ unassigned reserve funds. What should this money be used for?
I just watched “Season 37: Episode 3 – Frontline.” The Frontline program investigated the role of state governments and Wall Street in driving America’s public pensions into a multi-trillion dollar hole. Reporters Marcela Gaviria, Martin Smith and Nick Verbitsky looked inside the volatile fight over pensions playing out in Kentucky and examined the broader consequences for teachers, police, firefighters and other public employees across the country.
I do not know if our county’s employee pension programs are properly funded or not. It seems to be a subject that is avoided, and documentation on how well-funded the pension program is seems to be a “trust me” item.
I suggest a big portion of the King William County Reserve Fund be invested in this future expense now while there is time to make sure the funds are there to meet the expense.
To watch the 54-minute Frontline presentation on this topic, go to pbs.org/wgbh/frontline/film/the-pension-gamble.