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Carson City OPEB board reviews Q2 FY25 activity, unanimously approves earnings report
Summary
At a March 2025 meeting, the Carson City Other Post-Employment Benefits (OPEB) Trust Fund board reviewed second-quarter fiscal-year 2025 financial activity, heard from the city chief financial officer about cash and investment performance, and unanimously approved the earnings report and the activity report.
At a March 2025 meeting, the Carson City Other Post-Employment Benefits (OPEB) Trust Fund Board of Trustees reviewed the fund's financial activity for the second quarter of fiscal year 2025 and unanimously approved the OPEB earnings report.
The meeting included a presentation from Chief Financial Officer Sherry Russell Benaboo, who said the fund had a cash balance of $4,453,838.65 and an ending net position about $10,000 higher at $4,463,787.10. "We have a cash balance of $4,453,838.65," Benaboo said, and noted a small timing variance of $5,717 that staff will audit in the third quarter if it does not correct itself.
Benaboo told trustees the fund recorded approximately $173,000 in investment income for the quarter and that a $400,000 city contribution posted very early in the fiscal year (around July 2). She said some operating money remains in the Carson City investment pool, which typically holds about $60,000 to $70,000 to pay benefits. She also noted that some retiree payments are prepaid (dental and life) and that there is deferred or unearned revenue because retirees pay the previous quarter for the next quarter.
On investment performance, Benaboo reported the first half-year earnings total of $172,786.92 and said the fund's year-to-date earnings ratio was about 3.9 percent, down from roughly 5.6 percent at the same point last year. She attributed the lower ratio in part to "a couple of negative" months in October and December and cited a large gain in November of about $124,000.
Trustees voted unanimously to approve the minutes from the Nov. 20, 2024 meeting, the OPEB Trust activity report for Q2 FY25 and the OPEB Trust earnings report for Q2 FY25. The trustees set the next meeting for Wednesday, May 28, 2025, at 1:30 p.m. The meeting had no public comments and concluded with a motion to adjourn that carried.
Votes at a glance: Minutes of 11/20/2024 ' Motion to approve carried unanimously (yes: Chair Raiser; Trustee Fisher; Trustee Ganger). OPEB Trust activity for Q2 FY25 ' Motion to approve carried unanimously (yes: Chair Raiser; Trustee Fisher; Trustee Ganger). OPEB Trust earnings report for Q2 FY25 ' Motion to approve carried unanimously (yes: Chair Raiser; Trustee Fisher; Trustee Ganger).
The board did not take any policy-level actions or change contribution levels; staff said it will perform an audit if the $5,717 timing variance does not resolve in the third quarter.
