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Council approves routine transfers to OPEB trust and stabilization fund totaling $1.285 million
Summary
The Beverly City Council approved three finance items: a $214,278 transfer to the OPEB trust and $1,071,390 to the general stabilization fund (both from certified free cash), actions staff said follow city financial policies to build reserves.
The Beverly City Council approved transfers from the city's certified free cash balance to two long-term reserve accounts: $214,278 to the city's OPEB trust and $1,071,390 to the general stabilization fund.
What the transfers are and why: City Finance Director Bridal Ailes told councilors the OPEB transfer implements a policy to set aside at least 2% of certified free cash annually to prefund Other Post Employment Benefits. "Our financial policies require that the Mayor request a transfer of no less than 2% of the certified free cash balance…
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