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Budget commission recommends returning $3.5M to reserves, approves $5.2M allocation of year-end balances
Summary
After reviewing the FY 2024-25 year-end report, the commission voted to allocate $5.2 million of available fund balance: $3.5M to replenish the CalPERS reserve, $400K for AES bankruptcy-related legal costs, and $1.3M toward an unfunded actuarial liability payment; staff will present recommended dollar breakdowns to council.
Finance staff presented preliminary fiscal year 2024-25 year-end numbers and proposed assignments for the 2025-26 budget, saying revenues finished roughly 3% above revised estimates and noting several one-time transfers and expenditures affecting the general fund.
Stephanie (finance staff) said the city used one-time funds in 2024-25, including a $3.2 million unfunded liability payment and transfers to capital, and recommended prioritizing…
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