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El Segundo officials present balanced $220 million budget, warn of pension-driven structural deficit within three years
Summary
City staff proposed a balanced $220 million budget for fiscal 2025–26 that keeps a 25% reserve but forecasts an operating gap in about three years driven largely by rising pension costs and capital spending needs.
El Segundo City Manager Daryl and Chief Financial Officer Paul presented a proposed $219 million-plus budget at the May 5 budget study workshop that city staff described as balanced for 2025–26 but vulnerable later in the forecast period due to pension costs and capital needs.
Paul, the city’s finance director, told the council the budget presented “a balanced budget tonight,” while warning that his multi‑year forecast shows an operating shortfall beginning in year three. He told the council staff modeled a scenario in which revenues grow modestly while expenditures — driven in part by pension obligations — grow faster.
The nut graf: the budget keeps the city’s reserve at 25% (about $24.9 million) and includes the planned $2.9 million unfunded accrued…
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