Moraga council adopts midyear budget changes, moves $1 million to asset-replacement and $500,000 to pension trust

The Moraga Town Council on March 12 approved midyear adjustments to the town’s operating budgets, adopted a clarified reserve policy and directed one-time transfers of $1,000,000 to the asset replacement fund and $500,000 to a Section 115 pension trust.

The midyear budget update, presented by Administrative Services Director Katie Bruner, realigned revenue and spending estimates for the current fiscal year and recommended several modest program adjustments. Bruner told the council that updated property-tax estimates added about $50,000 and parks-and-recreation receipts had increased by roughly $66,000, driven by stronger summer-camp registration and special-event income. Parks and recreation spending was increased by about $41,000 for temporary summer staff and $25,000 for event supplies and merchandise, producing a projected general-fund operating surplus of roughly $83,000 for the year.

Why it matters: Town staff warned the council that long-term pension costs tied to CalPERS are rising and that,…