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Chino Valley council moves $250,000 to reduce PSPRS unfunded liability, adopts funding policy
Summary
Council unanimously adopted Resolution 2026-1319 to apply $250,000 from general-fund contingency toward the town’s PSPRS unfunded liability and approved an annual PSPRS funding policy after staff reported the funded ratio improved to nearly 90%.
The Chino Valley Town Council voted unanimously to apply $250,000 from the town’s current general-fund contingency to reduce its PSPRS unfunded liability and adopted the annual PSPRS pension funding policy.
Town staff presented actuarial results showing the town’s PSPRS share improved from a 76 percent funded ratio in fiscal year 2023–24 to nearly 90 percent in the most recent report. Staff said the improvement reflects both actuarial/investment changes in PSPRS and prior council decisions to make additional payments toward the unfunded liability.
Staff recommended using $250,000 from this year’s contingency and noted the tentative budget includes another $250,000 programmed for FY2026–27. With continued contributions at that level, staff said the town’s PSPRS liability is projected to reach full funding by 2034 under current assumptions.
A motion to authorize the $250,000 payment and adopt Resolution No. 2026-1319 passed on a 7–0 roll call (Council members Stanwick, Switzer, Holt, Phillips, McCaffy, Vice Mayor Gil and Mayor Armstrong voting yes). Council did not debate alternative amounts at length; several members praised the town’s fiscal management during the discussion.
