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Finance staff updates 2026 budget projections after higher actuarial retirement estimate; department charge rate adjusted
Summary
County finance staff reported a higher actuarially determined contribution (ADC) estimate for retirement in 2026, prompting adjustments to projected benefit costs, fund balance management and the percentage charged back to departments. Staff also noted an updated indirect cost plan and a slight shift in the budget approval timeline.
Finance staff presented updated budget projections after receiving the October ADC estimate and an updated indirect cost plan. The ADC estimate for 2026 arrived higher than earlier estimates, prompting staff to increase projected retirement benefit costs for 2026 and carry those increases into later years.
Finance staff explained the mechanics: mid‑year in 2025 the county temporarily adjusted the charge to departments to 10% to cover a larger ADC; for the 2026 budget…
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