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Council adopts revised financial policies, keeps police pension funding target at 100% after debate
Summary
After a lengthy debate, the Oro Valley Town Council approved updates to financial and budgetary policies, including a change to the CIP threshold and a tightened debt-coverage rule, and amended the pension policy to maintain a 100% PSPRS funding target for now.
The Oro Valley Town Council on Wednesday approved revised financial and budgetary policies but amended the police pension guidance to preserve a 100% funding target and kept the capital improvement (CIP) threshold at $50,000.
Finance Director David Gephardt told the Council the package includes raising the CIP threshold (to reflect inflation), tightening excise-tax debt-coverage requirements to provide stronger guardrails, and a refined PSPRS pension-funding approach that establishes a…
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