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La Paz supervisors authorize up to $1 million for year‑end savings, direct $400,000 immediate PSPRS payment
Summary
The board authorized staff to allocate up to $1 million in fiscal‑year 2025 year‑end savings among three priorities (40% to PSPRS, 50% to fund-balance cleanup, 10% to reserve) and directed an immediate $400,000 payment to PSPRS if timing and accounting permit.
The La Paz County Board of Supervisors on June 16 instructed county staff to allocate up to $1,000,000 in estimated fiscal‑year 2025 year‑end savings across three priorities and authorized an immediate $400,000 payment to the Public Safety Personnel Retirement System (PSPRS) if the payment can be recorded to the intended actuarial year.
Finance staff presented three options for use of year‑end savings: pay down PSPRS liabilities, transfer to the reserve fund, and fund a project to clean up negative fund-balance audit findings. The finance director and county finance staff recommended giving staff discretion to allocate up to $1,000,000 and suggested a prioritized split to capture actuarial benefits from a PSPRS payment made before June 30.
The board settled on target percentages: 40% to PSPRS, 50% to the fund-balance cleanup project, and 10% to the reserve fund, with the caveat that staff would attempt to deliver a $400,000 PSPRS payment immediately to capture a potential benefit in the FY27 actuarial calculations. Karen Ziegler and Walker & Armstrong were cited as resources to assist with reconciliation and fund-balance cleanup tasks.
Board members emphasized the need to get the PSPRS payment recorded in time so the county realizes a year-earlier actuarial benefit; staff said payments can be made by wire transfer and would be received instantly but agreed to confirm how PSPRS applies receipts to actuarial years. The motion to authorize the allocation and immediate PSPRS payment carried.
