Glendale council designates chief fiscal officer and adopts pension funding policy

The Glendale City Council on May 26 adopted two administrative resolutions: R26-57 formally designating the city’s chief fiscal officer for submitting the FY2026–27 annual expenditure limitation report to the Arizona Auditor General, and R26-58 adopting the city’s Public Safety Personnel Retirement System (PSPRS) pension funding policy and formally accepting the employer’s share of assets and liabilities based on the system's 6/30/2025 actuarial valuation.

Levi Gibson, director of budget and finance, asked the council to designate him as the city's chief fiscal officer so the city can comply with the Arizona requirement to name a chief fiscal officer by July 31. Gibson said the designation is periodically updated when organizational changes occur.

Gibson also presented the PSPRS actuarial figures. For the police plan he said the plan held roughly $442.5 million in assets, with an accrued liability near $524 million, an unfunded actuarial accrued liability (UAL) reported at about $82.16 million and a funded ratio of roughly 84.3 percent. For the fire plan Gibson reported assets and liabilities that were partially garbled in the record but recorded a UAL of about $43.0 million and a funded ratio near 86.5 percent; he reported the combined funded ratio for both plans at about 85.2 percent.

Council members had no questions on either item and both resolutions passed on roll-call votes. Council directed staff to file the required documents with the Arizona Auditor General and to post the pension funding policy on the city website as required by state statute.

(Reporting note: some numeric values for the fire plan were partially unclear in the meeting transcript; amounts above reflect the figures as read during the presentation and are flagged for verification with the finance department.)