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Tustin council accepts midyear budget update; city reports better-than-expected results and a plan to accelerate pension payoff
Summary
Finance staff told the council the general fund ended FY 2023–24 about $5.4 million stronger than expected, the city’s unfunded pension liability stands at $78 million with a projected payoff around 2036–37, and council approved midyear revenue and appropriation adjustments 5–0.
The Tustin City Council unanimously approved a midyear budget update and related supplemental appropriations after a presentation from Director of Finance Jennifer King.
King summarized the city’s fiscal performance for the first six months of FY 2024–25, reporting the city’s unfunded accrued liability (UAL) for pensions at $78,000,000 and describing a five-year funding plan that includes discretionary contributions to a pension trust to…
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