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Pacific Grove staff outlines pension and capital shortfalls; council signals interest in pension trust and capital reserve
Summary
Finance staff presented projected deficits and long-term pension liabilities, proposed options for reserve design (pension trust, capital reserve, vehicle replacement) and recommended further council direction. Council asked staff to return with options including pension-trust startup and amortization scenarios.
Finance staff presented a broad review of the city's reserves, pension liabilities and capital needs and outlined options for establishing targeted reserves and other measures to reduce long-term costs.
The presentation, led by the finance director, summarized current reserve policies (general fund reserve target of 35%), projected near-term deficits driven by stagnant discretionary revenues and rising pension and insurance costs, and the city's unfunded pension liability (reported in the presentation as roughly $55 million in unfunded actuarial liability and about $61 million when…
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