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Foster City council directs staff to pursue $15M CalPERS discretionary payment after debate over priorities
Summary
After discussion of long‑term savings versus other local capital needs, councilors directed staff to rework the $20M CalPERS discretionary payment proposal down to a $15M scenario and return a revised resolution for consent consideration.
Finance Director Nate Cruz presented a proposal the council had discussed at retreat to make an additional discretionary payment of $20 million to CalPERS to reduce Foster City’s unfunded accrued liability. Cruz described the allocation exercise with the city’s actuary and said allocating some costs to enterprise funds reduces the general‑fund share to roughly $18.5 million; he said the payment…
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