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Prescott staff proposes using annual surpluses to shore up police and fire pension liabilities
Summary
City finance staff presented the fiscal 2025 midyear budget and proposed an amendment to the pension funding policy that would direct unencumbered operating surpluses from PSPRS-participating departments into their pension trusts until fully funded; staff will return with draft language on March 11.
City finance staff presented the fiscal year 2025 midyear budget on Feb. 25 and proposed a change to the city's pension funding policy to accelerate funding of Public Safety Personnel Retirement System (PSPRS) liabilities.
The proposal would require departments that participate in PSPRS —police, fire and, in some circumstances, regional dispatch—to deposit any unencumbered operating surpluses at year end into their PSPRS trust until the trust is fully funded. The change would not tap the voter-approved public safety tax (referred to during the meeting as the $4.78 million fund) and staff said the amendment is intended to be operational money only, not a reallocation of that dedicated tax revenue.
Staff said the city faces several revenue pressures as the 2026 budget is prepared,…
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