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Council presses finance staff on $73 million payroll reserve and 27th‑pay planning
Summary
Members questioned the $73 million payroll reserve (accumulated compensated absences) and the $17 million used for a 27th payroll, asking whether the city is double‑budgeting separation costs and whether some reserve could be used for current needs without harming bond ratings.
Council members spent extended time on the payroll reserve fund during the finance committee meeting, probing the city’s reserves for separation pay and the mechanics of the 27th payroll transfer.
Finance staff said the payroll reserve was established to cover (1) an occasional 27th payroll (the last transfer for that purpose was about $17 million) and (2) the city’s accumulated compensated‑absences liability recorded on the balance sheet. At the time the reserve was calculated in 2022, staff said the total liability for accumulated vacation and other earned time…
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