Friday, May 03, 2013
Stoffa Praises NorCo Pension Success
In his report to County Council last night, Executive John Stoffa noted that the pensions has grown from $161 million in 2009, to over $302 million as of last Friday. This success has made a cost of living increase possible for retired County employees.
Stoffa credits investment consultant Pierce Park as the reason for the pension's success, and expressed hope that the new Executive will use this company as well.
In other business, Director of Human Services Ross Marcus told Council that a contemplated bond issue, designed primarily for bridge repairs, will also feature improvements to the County's nursing home, Gracedale.
Priority will be given to a new emergency generator system, advises Marcus. That system failed during last year's hurricane. "We need to do a better job of being ready," remarked Marcus.
This bond will be limited. "We are not going to be able to do all the capital improvements [at Gracedale] we would like to do," said Marcus, explaining it will take several years