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Trenton approves final FY2026 budget amendments; controller reports pension systems meet PA 202 thresholds
Summary
Council unanimously approved final budget amendments for the quarter ending 06/30/2026; the controller reported that none of the city's retirement systems met the statutory definition of "underfunded" under Public Act 202 for FY2025 and that the city has filed to be removed from corrective action.
The council unanimously approved the proposed budget amendments for the quarter ending June 30, 2026, after the controller presented general-ledger adjustments and explained that the changes aim to prevent any department from exceeding approved budgets at fiscal year-end.
Controller reported the city received formal notification under Public Act 202 that none of the city's retirement systems meet the statute’s definition of underfunded for fiscal 2025. He gave the following funding ratios in council remarks: the police and fire pension system is 77.1% funded, the MERS pension system is 70.3% funded, and the city’s health care system is 66.1% funded. The controller said a request has been submitted to the municipal stability board to remove the city from its corrective action plan and that the city plans to continue budgeting $50,000 to maintain funding levels required by the act.
Council also approved the controller’s informational item on PA 202 compliance unanimously and later approved authorized disbursements for June 15, 2026, totaling $2,095,552.70.
