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County manager flags rising hospital pension liability as audit is finalized
Summary
During the FY2020 audit presentation, County Manager Curtis Potter said the county's hospital pension liability has increased, citing multiple contributing factors including a falling bond index rate; printed audit copies will be provided after Local Government Commission approval.
Alan Thompson, CPA with TPSA, presented the Washington County FY2020 audit at the Jan. 4 meeting. County Manager/County Attorney Curtis Potter said the audit emphasizes the airport project and that the county did not break out the EMS fund this year as in prior audits.
Potter told commissioners the county continues to work through issues related to the hospital pension plan, and that the pension liability increased in FY2020. He attributed the change to several factors, including movement in the bond index rate, and said he will make recommendations to address the liability. Potter said the county is awaiting approval from the Local Government Commission (LGC) and will provide printed copies of the audit to the board once that approval is received.
Commissioners were advised that the audit contains more detail on the airport project and that staff will return with specific recommendations on pension management after additional review and LGC approval.
