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Item 40 - Refinancing City’s Pension Obligations with California Public Employees Retirement System
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08/17/2021 Regular
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Item 40 - Refinancing City’s Pension Obligations with California Public Employees Retirement System
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8/17/2023 4:15:55 PM
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8/17/2023 4:15:26 PM
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Item #
40
Date
8/17/2021
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28 4826-7904-2280v7/200434-0005 Fund Balances – Ending $ 67,702,221 $ 75,412,228 $ 63,971,581 $ 97,423,901 $ 80,211,077 $ 103,174,898 $ 87,720,058 (1) See the caption “—Tax Revenues of the City” for a breakdown of tax revenues for the past five Fiscal Years. (2) The City’s voters approved Measure X (defined below) on November 6, 2018 and began collecting Measure X revenues in Fiscal Year 2019. The City has classified revenues received under Measure X as Intergovernmental Revenues, which has resulted in the large increase in Intergovernmental Revenues in Fiscal Years 2019 and 2020. See “—Sales Taxes—District Add-On” for more information regarding Measure X. (3) Prior to Fiscal Year 2020, the City allocated UAL on a pro rata basis by department. However, beginning in Fiscal Year 2020, the City began classifying all UAL as a General Government Expenditure. This resulted in a slight reduction in all expenditure categories except for General Government, which showed a large increase in Fiscal Year 2020. Sources: City’s Annual Financial Report for Fiscal Years 2019 and 2020; Adopted Budget of the City for Fiscal Years 2021 and 2022.
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