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Board warned of multi-million dollar PERS increase as district's side account nears depletion
Summary
District finance staff told the Three Rivers School District board that Oregon PERS contribution rates will rise next fiscal year and the district's site-account used to reduce those rates is running out faster than projected, potentially increasing next year's costs by roughly $1.7 million.
Three Rivers School District finance staff told the school board that Oregon PERS contribution rates will rise next fiscal year and the district’s local side account that has offset those costs is projected to run short sooner than expected.
In a presentation, the district explained that payroll growth and lower-than-expected earnings on the site account have combined to accelerate draws on the account. The presenter said that under the current assumptions the side-account could be depleted well before earlier projections and that next year…
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