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Council adopts midyear budget adjustments; approves $2 million transfer to OPEB trust
Summary
City leaders approved midyear budget modifications and a $2 million transfer to the city's Other Post-Employment Benefits (OPEB) trust, bringing the trust to $15.3 million against a $39.7 million liability (about 38% funded). Council voted 5-0 to adopt the recommended midyear adjustments and staff will return with further budget planning.
Fountain Valley’s City Council on Feb. 4 approved midyear budget adjustments for the 2024–25 fiscal year and a $2 million transfer to the city’s OPEB trust aimed at improving long-term retiree-health funding.
Finance staff reported operating revenues of approximately $81.7 million and operating expenses of about $79.8 million before midyear adjustments. Finance…
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