P.G. Audit Finds Problems

The audit found that the city is not in as good financial shape as many thought, with unfunded liabilities and transfers of money between accounts putting the city’s finances in jeopardy.

According to the audit, the city of Pacific Grove has more than 22 million in unfunded liabilities.

The Calpers employee pension plan is almost $19 million. Workers’ compensation, liability insurance and retiree health insurance add another 3.5 million.

P.G. Audit Finds Problems