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Pacific Grove staff previews two-year general-fund outlook, pension plan steps and proposed financial-policy changes
Summary
Finance staff presented a two-year general fund forecast showing projected shortfalls, proposed new reserve categories and investment-policy updates including adding pooled investment options; council received the report and provided direction.
City finance staff on May 21 presented a two-year preview of the general fund, pension obligations and proposed updates to the city’s investment and financial policies, advising the council to receive the report and provide direction ahead of budget adoption.
Finance Director and staff outlined a conservative forecast: revenues such as transient-occupancy tax and sales tax are flat or modest, while costs — including pension contributions, negotiated cost-of-living adjustments and rising insurance premiums — are increasing. Staff said the city faces an operational shortfall of roughly $1 million for the coming year and roughly $1.9 million when one-time capital items are included; however, the forecast keeps the city above reserve targets for the near term under the proposed plan.
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