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Finance staff outline FY 2024–25 amendments; council adopts plan
Summary
Finance staff presented proposed fiscal 2024–25 budget amendments including a $868,000 UAL true-up, recommended $500,000 annual Section 115 trust contribution, and Surplus Land Act consulting fees; the council adopted the resolution after questions on surplus land costs, CalPERS valuation timing, and sales-tax projections.
Roxana, a finance presenter, reviewed proposed amendments to the biannual fiscal 2024–25 budget and explained why changes are needed now that the first year is closing: updated revenue projections, an Unfunded Accrued Liability (UAL) true-up, and consulting fees related to the Surplus Land Act.
She told the council the overall UAL budget true-up across funds is about $868,000 and that staff proposes programming an annual $500,000 contribution to the Section 115 pension trust. "In the summer, staff receives a CalPERS invoice with a prepay option... we normally opt for the prepay option because we get to save about $250,000," she said. Finance staff noted actuarial valuations lag market returns (based on the 6/30/2022 study) so recent positive returns will not immediately reduce payments.
Council members asked for clarity on Surplus Land Act costs; staff said the consultant (RSG) will perform most disposition work but legal and title-clearing costs for purchase-and-sale agreements may be additional depending on each parcel's complexities. The council voted to adopt a resolution approving the budget amendments as presented; staff will implement the amendments in the financial system and return to council with delegated-authority actions and midyear adjustments tied to Measures A and B.
