Finance committee receives FY 2024–25 budget; directs use of Section 115 trust for CalPERS payment, trims council travel fund

Rolling Hills Estates finance committee members reviewed the city’s proposed fiscal year 2024–25 general fund expenditure budget and directed staff to use Section 115 trust monies to make the annual CalPERS unfunded actuarial liability payment, removing a projected shortfall from the operating budget.

The committee was presented with a packet of line-by-line account descriptions and an updated revenue forecast showing a projected deficit of about $46,000. Christian, a staff member, said the shortfall “may go away organically or naturally in the next couple months as revenues … start to more revenue information comes through,” and recommended the committee consider using the city’s Section 115 trust to pay the roughly $62,000 annual CalPERS UAL payment so it would not appear as a general-fund expenditure.

Committee members agreed to two directions for staff: reduce the city council travel/education allotment from $7,500 back to $5,000 and use Section 115 trust funds to make the annual CalPERS UAL payment. The committee then received and filed the budget report and asked staff to incorporate the committee’s feedback into the version being forwarded…