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City finance director flags a ~10% GIC health‑insurance increase for FY26; pensions to follow actuarial timetable
Summary
The city's finance director told councilors the Group Insurance Commission (GIC) health-insurance estimate for FY26 is roughly a 10% increase over FY25; pensions are handled separately by the retirement board and the city remains on a path to full funding under the existing schedule.
Finance Director (name in transcript: acting finance lead) summarized nondepartmental budget elements including bonds and insurance. He said outstanding debt was approximately $74 million as of June 30, 2024, with general‑fund and water/sewer debt service largely steady for FY26 and some scheduled retirements of principal in coming years.
On employee benefits the director said the Group Insurance…
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