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Foster City leaders back a plan to keep a high reserve and prepay $20M to CalPERS to reduce pension costs
Summary
Following a finance presentation, council signaled support for keeping a conservative reserve policy (50%) and for a one‑time $20 million prepayment to CalPERS to cut the city’s unfunded actuarial liability and reduce long‑term pension payments; finance director also proposed moving to a biennial budget process.
Finance staff presented a multi‑year forecast and a comparative review of reserve policies across nearby jurisdictions. The director explained Foster City’s unusually large reserve balance relative to other cities and argued that some of the excess could be redeployed for higher‑priority, one‑time needs without compromising fiscal stability.
He proposed a $20 million one‑time prepayment to…
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