That’s according to the latest financial audit presented to city council last night. Dan Bradley of Young Oakes Brown & Company told the board that the city spent $451-thousand from its fund balance to help cover expenses. That’s leaves about $2.2-million in the city’s reserve fund -- an amount officials have tried to improve under their ACT 47 Recovery Plan.
Bradley also told council the city’s pension plan remains under-funded by $22-million. That amount will be reported as a major liability as federal auditing rules change next year.
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