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Authority reports fund balance above $567 million despite higher-than-budgeted benefits payouts
Summary
Finance staff told the board December results showed negative activity driven by benefit payments but a year-to-date operating positive variance; the authority expects to end FY2025 solvent with about $575 million in cash.
David Salazar Austin presented the finance and audit report Feb. 13, saying the authority remains solvent despite benefit payouts exceeding earlier budget estimates.
"For year to date, our results are almost $3,600,000 and that has resulted in a positive variance in our operating account of $2,700,000 year to date," Salazar Austin said. He reported that year-to-date fund balance at December was "over $567,300,000" and projected cash of…
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