STRATEGIC BUSINESS PLAN
impacts or to further accelerate payment of the unfunded liability, as year-end surplus and other discretionary funds become available.
In addition to the Plan adopted by the City Council outlined above, City Council directed staff to pay employer pension costs, in a single lump sum at the beginning of the year, when possible, to take advantage of savings provided by CalPERS. Staff was directed to return to the City Council each subsequent year to make a recommendation regarding future year lump-sum prepayments. This recommendation will be part of the biennial budget presented to the City Council for consideration. When the lump-sum payment option is elect ed, the payment will be recorded in the City’s Payroll Clearing Fund. These savings will help to replenish funds borrowed from the AMP more quickly than would otherwise be possible. Additional prepayments may be made in future years subject to evaluation and discretion of the City Council.
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FY 2023-25 Adopted Budget
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