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Westminster council adopts fund‑balance policy, directs contributions to pension/OPEB trusts and adopts FY2025–26 budget
Summary
Council approved a revised fund balance policy that creates new dedicated reserves for budget uncertainty and infrastructure and authorized transfers to pension and OPEB Section 115 trusts when audited surpluses occur; the full FY2025–26 budget was also adopted.
The Westminster City Council adopted a revised fund‑balance policy and approved the fiscal year 2025–26 budget on June 25, directing staff to use a portion of audited surpluses for pension and post‑employment benefit trusts.
Under the new policy the council set the emergency reserve target at 17% of general fund expenditures, established a 10% “budget uncertainty” reserve and a 5% “infrastructure contingency” reserve. The council also included a mechanism to transfer a portion of audited general‑fund surpluses to Section 115 trusts used to prepay pension and OPEB liabilities.
Staff said the change is intended to formalize…
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