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Vacaville staff report improved pension investment returns but rising OPEB costs; council approves midyear budget actions and phone contract
Summary
Finance and HR presented midyear results showing CalPERS and PARS investment gains improved funded ratios, while retiree medical (OPEB) liabilities rose due to healthcare‑cost assumptions. Council approved $395,292 in midyear budget augmentations and authorized replacement of the city phone system.
City finance and human resources staff delivered a midyear fiscal update Feb. 24 that combined actuarial valuation highlights with requests for midyear budget adjustments.
Director of Finance reported the city’s CalPERS unfunded liability decreased and the funded ratio improved (CalPERS funded ratio up from ~65% to ~68% in the most recent published valuation) largely because investment returns exceeded actuarial assumptions. The city’s PARS supplemental pension results also improved; both factors contributed to a slight…
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