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Carlsbad council approves $13.7M in carry‑forwards and reviews Section 115 pension‑trust contributions
Summary
Finance staff told council FY23–24 revenues exceeded expenditures by $16.5M, producing $32.4M in carry‑forward authority; the council approved $13.7M in recommended carry‑forwards and discussed Section 115 trust contributions intended to improve the city's CalPERS funded ratio.
Finance Director Zach Korech presented the fiscal-year 2023–24 general fund results and recommended carry‑forward requests, telling the council that revenues exceeded expenditures by $16.5 million and, combined with unspent/encumbered budget amounts, produced a carry‑forward authority of $32.4 million.
Korech summarized the city’s pension funding status. He said the city’s funded ratio using CalPERS data declined to about 73.7% as of June 30, 2023, and reviewed a multi‑year…
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