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Council hears routine OPEB transfer; trust balance cited at $7.67 million
Summary
Director Nardi described Order 26.093 as an annual practice to move leftover health-insurance and fringe funds into the city's OPEB trust; she said the trust balance is $7,669,922 and that funding is recommended but not legally required.
The council reviewed an annual order to transfer year-end funds into the city's other post-employment benefits (OPEB) trust, a fiscal practice the administration has followed since 2015.
Director Nardi explained the order moves leftover funds from employee health insurance lines and grant-related fringe collections into the OPEB liability. "Of that 358,203 of it is from fringes from grants," she said, and the remaining roughly $159,117 was unused in the health-insurance line; she added she left a small operating buffer. The director said the city is not legally required to fund OPEB but has chosen to do so and that rating agencies view proactive funding favorably.
When asked for the trust balance, Director Nardi said, "7,669,922 dollars." She also said that for the 2027 budget she had reduced the planned OPEB contribution because available revenue had been used to fund other departments.
Because this was a first reading, the council did not vote on the transfer order; Director Nardi said staff would be available to answer additional questions at the July 15 meeting if needed.
