El Paso employees trust adopts FY2025–26 budget of $101.37 million

The City of El Paso Employees Retirement Trust voted on Aug. 20 to adopt the proposed fiscal-year 2025–26 budget totaling $101,365,234.

Mr. Umkes moved to approve the budget resolution adopting the FY2025–26 budget; the motion was seconded by Ms. Hamblin and passed on an affirmative voice vote with no recorded opposition.

Staff presenter Mr. Sanchez summarized the condensed budget and told trustees the total remained unchanged from last month except for a $2,076 increase in salary and benefits tied to updated CPI figures. He explained that the majority of the $8.6 million increase from the prior year's budget reflects a methodological change: certain operating costs previously approved month-to-month (including roughly $4,300,000 in investment fees) are now being included in the annual budget for transparency, not because of new expenditures.

Sanchez noted two components of staff pay planning reflected in the budget: an estimated 3.5% merit pool for merit-based salary adjustments (subject to individual performance) and a cost-of-living adjustment (COLA) tied to the July CPI, which is 2.7% for the period referenced. The COLA, effective Sept. 1 if granted, is an all-or-nothing board decision under the trust's personnel rules; staff said the board has historically granted the COLA.

Trustees asked clarifying questions about wage brackets, annual adjustments tied to the Employment Cost Index (ECI) and prior class-and-compensation work. Staff confirmed no employees were currently at the top of their pay brackets and that the board-approved personnel rules govern wage bracket adjustments and the authority to implement annual ECI-based bracket changes.

The board approved the budget resolution after discussion and no member registered opposition.