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Audit committee backs raising employee benefits fund reserve to 20%
Summary
Committee members supported a recommended change to the city’s employee benefits fund reserve from 10% to 20% to align with actuarial guidance; staff said the current fund balance is sufficient and the change will be implemented through the FY2026 budget.
The Audit and Finance Committee reviewed and approved proposed financial policy changes for fiscal year 2026 at its May 19 meeting, including one substantive change to the employee benefits fund reserve.
Carrie Lang, director of the Budget and Organizational Excellence Office, told the committee the Human Resources Department recommended increasing the employee…
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