Upland finance committee recommends repurposing some reserves to address road funding; keeps pension stabilization intact

The Upland Finance Committee agreed April 30 to forward a package of changes to the city council that would shift several reserve funding streams toward infrastructure needs while leaving the pension-stabilization reserve intact.

Finance Manager Stacy Sullivan and Assistant City Manager Steven Parker presented the existing reserve-policy structure and several options for reallocating year-end surpluses. The committee's majority view, summarized to council staff, was to keep the pension stabilization reserve at its current 40% target but to repurpose other sources to help address the city's pavement and infrastructure shortfall.

Committee recommendations being sent to council (as summarized by staff and confirmed by council members during the meeting) include: - Keep the pension-stabilization reserve at 40% of the stated target (no reduction). - Stop ongoing annual contributions to the OPEB (other post-employment benefits) trust (set annual contribution to 0%, while leaving the existing balance in place). - Remove the 0.25%…