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Tustin council adopts midyear budget approach, keeps pension prepayment plan under review
Summary
The Tustin City Council approved staff'recommended midyear budget actions, endorsed finishing a planned pension prepayment this year while maintaining a baseline for future UAL payments, and approved CIP carryovers and a pilot community grant program administered with the Tustin Community Foundation.
The Tustin City Council on Tuesday approved staff recommendations to complete a pension prepayment this year and retain a baseline approach for future unfunded actuarial liability (UAL) payments, after a detailed midyear presentation from Finance Director Jennifer King and consultant Ira Samma of TrueComp.
King told the council the city's recurring operating budget is projected to be balanced for fiscal year 2025'26 and highlighted one'time revenues tied to land sales, including a recent Tustin Legacy transaction that generated about $42,000,000 and roughly $9,000,000 in backbone impact fees. She recommended staff finish the scheduled…
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