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Fortuna council authorizes $1.5 million discretionary payment to CalPERS, waives reserve policy
Summary
The Fortuna City Council approved a $1.5 million supplemental payment to CalPERS to reduce pension liability and generate estimated interest-payment savings, agreeing to waive the city's 180-day operating reserve policy for fiscal year 2025-26 to allow the payment.
Fortuna's City Council on Dec. 1 authorized the city manager to execute a $1,500,000 supplemental budget payment to CalPERS aimed at lowering the city's pension liability and reducing future interest payments.
City staff told the council the payment would be taken from general fund reserves. "The $1,500,000 would be required to take out from general fund reserves," said a staff presenter. Staff outlined reserve balances and constraints, saying general fund…
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