Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Oceanside adopts five‑year general‑fund forecast and a $1.3 million CalPERS payment
Summary
Council accepted staff's five‑year general‑fund forecast projecting a modest surplus and approved a $1.3 million one‑time appropriation toward CalPERS unfunded accrued liabilities; the policy update on surplus allocation drew requests for more transparency from one council member.
The City Council voted Feb. 4 to accept a five‑year general‑fund financial forecast for fiscal years 2026‑27 through 2030‑31 and approved a one‑time appropriation of $1,300,000 from prior‑year general‑fund surplus toward the city’s CalPERS unfunded accrued liability.
Presentation highlights: Jill Moya, financial services director, said the forecast projects a Year‑1 operating surplus of $3,690,000 and general‑fund revenues of $238,920,000 (a 3.2% increase over the prior adopted budget). The forecast incorporates consultant projections for property and sales tax and uses a baseline with a 2% annual CPI assumption. Staff proposed a policy update to prioritize restoring required reserves, replenishing assigned one‑time fund balances, then dividing remaining surplus between unassigned balance and long‑term liability reduction.
Council discussion and vote: Council discussed transparency and reserve allocation details; one council member said she would prefer a more detailed public process for allocating surpluses. The council moved and seconded approval and the motion passed with a recorded outcome of Motion approved 4 0 1 (Deputy Mayor Joyce absent).
Why it matters: Staff described the forecast as a planning tool (not a spending plan) to help identify fiscal trends and risks, including forecasted CalPERS cost increases of approximately $6.82 million over the five‑year horizon. The approved $1.3 million appropriation is a one‑time payment intended to reduce unfunded liabilities.
