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Council adopts updated pension funding policy; excludes Prop 4‑78 surplus from paying down unfunded liability
Summary
Prescott council adopted Resolution No. 2025-51913 updating the city's pension funding policy, clarifying that voter-approved Prop 4‑78 public-safety sales-tax revenues and donated/grant funds are excluded from being used as unencumbered operating surplus to pay down pension unfunded liabilities beyond routine required contributions.
The City Council adopted resolution No. 2025-51913 on March 11 updating Prescott’s pension funding policy. Budget and Finance Director Mark Whitfield (presenting) said state law requires cities to adopt a pension funding policy each year and that the policy language had been updated to clarify how the city will apply any year-end operating surpluses to address actuarial unfunded liabilities.
Key points - Exclusion of Prop 4‑78 surplus: The adopted language…
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