CITY OF CHULA VISTA
PENSION COST MANAGEMENT STRATEGIES &
POLICY CONSIDERATIONS
MAY 28, 2024
2 Executive Summary
City issued $350M of Pension Obligation Bonds (“POB”) in February 2021 to refinance & restructure its CalPERS Unfunded Actuarial Liability (“UAL”) Objectives included cash flow savings and smoothing pension payments to enhance fiscal sustainability New $85M UAL (6/30/2022 CalPERS Report)
After POB, City benefited from initial CalPERS investment generating ~$116M surplus (overfunded) New UAL payments start FY 2024-25
CalPERS FY 2022-23 Investment Returns: 6.1%
Loss will increase UAL to ~$100M (6/30/2023 CalPERS Report) Considerations for managing future Pension & General Fund Debt Liabilities:
Update Pension & OPEB Reserve Fund Policy to provide flexibility of POB Bond Call Reserve Section 115 Trust Smoothing and Additional Discretionary Payments (“ADPs”) can help stabilize pension cost volatility
3 Table of Contents
I. Background on CalPERS Costs
II. Historical and Projected CalPERS Costs
III. Recap of City’s 2021 Pension Obligation Bonds
IV. Potential Pension Cost Management Strategies
V. Policy Considerations
VI. Conclusion
I. BACKGROUND ON CALPERS COSTS
5 Market Value
of CalPERS
Assets:
$1.2 Billion
Accrued
Liability:
$1.3 Billion
Shortfall (UAL):
$85.3 Million
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4Billions
City of Chula Vista Pension Funded Status
Background on How CalPERS Works
Two Payments Made to CalPERS Annually
(1) Normal Cost (“NC”) =
Annual cost for current
employees
(2) Unfunded Accrued
Liability (“UAL”): Annual
payment to amortize the
“debt” to CalPERS
UAL is amortized over 20
years
New UAL is created when
CalPERS investment returns
<6.80%
Source: CalPERS Actuarial Reports. Reflects UAL balance as of 6/30/2022. 6 ($2.0)
($1.0)
$0.0
$1.0
$2.0
$3.0
$4.0
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
Millions
Net UAL Payments
Reason for
Base
Ramp
Shape Term Size of Base
Assumption
Change No Ramp 20 $5,000,000
Method
Change Up/Down 15 $7,000,000
Investment
Loss Ramp Up 10 $9,000,000
Investment
Gain Ramp Up 10 ($10,000,000)
Hypothetical amortization bases shown for
presentation purposes.
UAL Comprises Multiple Layers With Own Size, Shape and Term New Layers Added Every Year Impacting Overall Shape of Repayment 7 Now …
Investment Returns Not Meeting
Assumptions
Assumptions have changed
Discount Rate: 8.25% → 7.00% → 6.80%
Inflation rate (prices going up)
Mortality rates (people living longer)
Actuarial Valuation → Market Valuation
Shorter, more conservative amortizations
UAL payments have grown rapidly from past
changes, remain exposed to the effects from
future poor investment returns and assumption
changes
Why CalPERS Contribution Costs Have Trended Higher
Then (late 1990s)…
Robust investment returns (10%+)
Retirement plans were “Super-
Funded” through the 1990s
Investment Earnings cover
retirement costs
Lower Contribution Requirements
Allowed Benefit Enhancements
Past funding policies led to
contribution holidays and “free”
benefit improvements
Historical PERS
Returns
(as of
6/30/2023)
5-Year: 6.1%
10-Year: 7.1%
20-Year: 7.0%
30-Year: 7.5%
8 Employee Contributions: ≈11-13%
Employer Contributions: ≈29-32%
• Normal Cost: Payments to keep up with current
employees
• UAL: Payments to amortize the Unfunded Accrued
Liability
Investment Earnings: ≈55-60%
• Investment earnings used to make up a higher
percentage (> 65-70%) of total contributions (pre-
2008)
• As investments underperform assumptions,
employers must make up the difference
Retirement Benefits
& Plan Expenses
Employees
Employers
Investment Earnings
How Retirement Benefits Get Funded
Money Going In vs. Money Going Out
9 Background - Retirement Plans
2 Main CalPERS plans
Miscellaneous: 2,552 covered
members
Public Safety: 960 covered
members
PEPRA helpful to manage long
term pension costs for new
employees
However, over 99% of current
UAL is estimated to come from
Classic plans and not reduced
by PEPRA
Source: CalPERS Actuarial Valuation Report as of June 30, 2022
II. HISTORICAL AND PROJECTED CALPERS COSTS
11 $0
$5
$10
$15
$20
$25
$30
$35
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Millions
2021 POB
2023:
$99.8M
2022:
$85.3M
2021:
-$116M
2020:
$366M
UAL
Balance
(FYE):
Historical & Projected UAL + 2021 Pension Obligation Bond Payments UAL Payments
(6/30/2022 Actuarial Valuation)
Historical
UAL
Payments
Source: CalPERS Pension Outlook Tool & Actuarial Valuation Reports *UAL balance and annual payments are projections from the CalPERS Pension Outlook Tool. Assumes FY 2022-23 investment returns of 6.1%, which is the money-weighted rate of return reported by CalPERS in its FY 2022-23 Annual Comprehensive Financial Report.
Projected Additional UAL Payments
from 6.1% FY 2022-23 Returns* Returns:
4.7%
21.3%
-7.5%
6.1%*
12 $0
$10
$20
$30
$40
$50
$60
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Millions
Total Projected Pension Payments (UAL + Normal Cost + POB) Annual Normal Cost
Contributions ~$19M
through 2045
Total pension payments
projected to increase to
$51M (2035)
Max @ $55M (2044)
Pension costs as % of
General Fund budget
projected to increase
through 2030
FY 2023-24 pension
payment accounts for
13.2% of total General
Fund budget
UAL payments start in
FY 2024-25
Source: CalPERS Actuarial Valuation Reports and CalPERS Pension Outlook Tool. Pension Outlook Tool assumes FY 2022-23 returns of 6.1% and 6.80% returns from FY 2023-24 onward.
2021 POB
Normal Cost
UAL
III. RECAP OF CITY’S 2021 PENSION OBLIGATION
BONDS
14 $-
$5
$10
$15
$20
$25
$30
$35
$40
$45
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Millions
2021 Pension Obligation Bonds
Summary of Strategy
Strategy:
Restructure UAL
over 24 years
Bond Stats:
All-In Cost: 2.54%
$158M PV Savings*
Goals:
Maximize cash flow
savings
Absorb future UAL
“shocks”
Create pension
funding policy
2021 POB Debt Service
General Fund-Allocable
Lease Bonds Debt Service
UAL Payments + General Fund-
Allocable Lease Bonds Debt
Service Before 2021 POB
*Savings calculated at the time of the POB issuance in February 2021, assuming CalPERS would meet its annual target investment return each year after the POB issuance. 15 $0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Millions
What Happened After the 2021 POB?
-7.5% Investment Returns in 2022 and 6.1% in 2023
Source: CalPERS Actuarial Valuation Reports and CalPERS Pension Outlook Tool. Pension Outlook Tool assumes FY 2022-23 returns of 6.1% and 6.80% returns from FY 2023-24 onward. 6.1% is the money-weighted rate of return reported by CalPERS in its FY 2022-23 Annual Comprehensive Financial Report.
UAL Added from
FY 2022 and 2023
UAL + General Fund-Allocable Lease
Bonds Debt Service If No POB
2021 POB Debt ServiceGeneral Fund-Allocable
Lease Bonds Debt Service
IV. POTENTIAL PENSION COST MANAGEMENT
STRATEGIES
17 Cost-Containment Strategies – Not Mutually Exclusive (1) Prepay UAL early in Fiscal Year (≈ 3.3% discount)
(2) Negotiate Cost Sharing With Employees
• Require employees to pay their share; new employees already governed by lower cost/benefit PEPRA plans • Negotiated cost sharing of the City’s share
(3) Voluntary Fresh Start Amortization offered by CalPERS • Pros: Smooths payment, shortens repayment period; reduces overall interest paid from shorter amortization period • Cons: New structure “locked-in” + increased annual payments in near term; still amortized at discount rate (4) Use Cash Reserves to Pay Extra (two options)
• Section 115 Trust – Separate trust solely dedicated to pension/OPEB City has a $25.7M (as of 6/30/2023) Section 115 Pension Trust
• ADP – Reduce UAL through direct lump sum payment to CalPERS • Choose optimal amortization bases to pay off
(5) Restructure All or Portion of Remaining UAL
• Restructure portion of UAL at lower bond interest rate and “smooth out” payments for enhanced budget predictability, near and mid-term potential savings, and preservation of cash for other critical projects
18 Additional Discretionary Payment (“ADP”)
What is it? City makes ADP directly to CalPERS and CalPERS eliminates payments associated with the portion of the UAL paid off, essentially giving the City credit at the discount/interest rate (currently 6.8%)
The proceeds from the City’s 2021 POB were essentially used to make a very large ADP Advantages:
Reduced UAL / higher CalPERS funding ratio
Reduced future payments
Broader, less restrictive CalPERS investment portfolio has potential for higher returns Disadvantages:
Requires reserves / surplus to fund
Re-investment and market timing risk with ADP funds
Less budgetary flexibility and investment control (vs. Section 115 Trust option) 19 Section 115 Trust
What is it? Restricted Account for pension/OPEB
Advantages:
Potential Higher Investment Returns in Managed Account Longer-Term Benefit: Trust funds can grow over time and pay off a large % of UAL in the future Shorter-Term Benefit: Apply funds to “smooth” payment spikes in UAL and/or Normal Cost Flexibility – more investment options than CalPERS and the City can decide when and how to use
Potential shock absorber for volatility from CalPERS investment performance & assumption changes
Disadvantages:
Doesn’t directly reduce UAL until funds are transferred to CalPERS Requires reserves/surplus contributions to build account balance Investment risk (dependent on type of investment portfolio) 20 Background & Concept
The City has built up a Section 115 Trust balance of $25.7 million (as of 6/30/2023) that is on track to meet the City’s policy target of 15% of General Fund expenses
Section 115 Smoothing:
City can grow its Section 115 Trust balance and selectively withdraw funds in future years to smooth and manage annual pension payments at lower levels The City’s annual UAL payment is projected to be covered by POB savings for the next several years, allowing the Trust balance to grow uninterrupted for the next several years
This smoothing strategy can be executed in conjunction with other cost management strategies, including ADPs and pension bond paydowns 21 OPTION Section 115 Trust CalPERS ADP
Reduced UAL & UAL
Payments with CalPERS No Yes
Reduced Pension Liability
in Financial Statements
No (but Trust will show up as an asset
on the City’s financial statements) Yes
Control of Investment
Strategy Yes No
Funds Managed By Trust Administrator (PARS for the
City’s Trust) CalPERS
Flexibility in Uses Yes No
Enhanced Budgetary
Flexibility Yes Limited
Savings Varies; Depends on when City utilizes
funds to pay liabilities
Immediate; Length of time varies
based on which amortization
bases are paid off
Comparison of Section 115 Trust & CalPERS ADP
22 Additional Cost Savings Considerations
Section 115 Smoothing vs. ADPs
While applying funds toward a Section 115 Trust or ADPs are both proactive approaches for UAL cost management, there are a few additional considerations:
Section 115:
Assets remain accessible as a balance sheet asset in the event unexpected needs arise Supports flexible drawdown approaches for managing and smoothing annual pension costs While providing access to potentially higher-earning investment opportunities than LAIF, a more conservative investment strategy may not create the same nominal benefit as paying down 6.8% UAL with CalPERS CalPERS ADPs:
Directly pays down UAL with CalPERS, boosting funding ratios Reduces future UAL payments with credit at a 6.8% interest (i.e. discount) rate Proceeds sent to CalPERS, however, cannot be clawed back Ability to smooth future UAL payments subject to shape of individual UAL amortization base layers Given City’s current funding ratios (92-93%), potential “super” funding of plans should be kept in mind V. POLICY CONSIDERATIONS
24 Overview of City’s Reserve Policy
Comprehensive Reserve Policy revised and adopted in November 2020 Provides funding mechanism and flow of funds priority for 6 distinct reserves / funds
Pension Reserve Fund, OPEB Fund, and POB Bond Call Reserve were developed to address future pension and OPEB costs and potentially pay off the 2021 POBs prior to maturity
25 Potential Policy Changes for Consideration
Current POB
Net Savings
Policy
POB Net
Savings
Update
POB Net Savings Pension Reserve
Fund (15%)
POB Net Savings
POB Net Savings*
Annual UAL
Payment to
CalPERS
CalPERS ADP to
Target Funding
Level (Up to 95%)
75%
Bond Call Fund
OPEB Reserve
Fund
(75% of Liability)
Surplus
25%
Pension Reserve Fund
(Up to 15%)
POB Net Savings*
OPEB Reserve
Fund
(75% of Liability)
POB Bond Call
Fund Surplus
POB Net Savings
50% 50%
*75% of the net annual savings from the issuance of the POBs
26 Potential Policy Changes for Consideration
General Fund Operating
Reserves (15%)
Pension Reserve Fund
(Up to 15%)
Economic Contingency
(5%) & Catastrophic
Event Reserves (Up to
3%)
75% 25%Surplus
Surplus
Surplus Funds
OPEB Reserve
Fund
(75% of Liability)
POB Bond Call
Fund Surplus
50% 50%
Current
Surplus Funds
Policy
Surplus
Funds Policy
Update
General Fund Operating
Reserves (15%)
Pension Reserve Fund
(15%)
Economic Contingency
(5%) & Catastrophic
Event Reserves (3%)
Surplus Funds
75%
Bond Call Fund
OPEB Reserve
Fund
(75% of Liability)
Surplus
25%
Surplus Funds
27 Considerations for Reserve Policy & Pension Cost Management •Expand the scope of the POB bond call reserve to encompass other more expensive City/General-Fund debt, including potential Lease Revenue Bond/COP issues & UAL •Allows City to 1) increase financial benefit from intended interest cost savings and 2) pay down outstanding debt sooner than allowable for the 2021 POB (2031 par call) Re-evaluating Scope
of POB Bond Call
Reserve
•Surplus from the PRF flows to the OPEB and POB bond call reserves, and the City can consider adjusting the PRF target if it would like to allocate more/less toward restricted pension funds
•Higher PRF balance allows for more impactful cost-smoothing strategies, but more restricted funds
Sizing of Pension
Reserve Fund/115
Trust
•City can maintain PRF target balance while proactively addressing future pension costs by allocating remaining surpluses first towards ADPs or smoothing annual pension payments
•Once target plan funded ratios are achieved, additional surpluses can flow to other buckets
Annual ADPs /
Section 115 Trust
Smoothing
28 Additional Policy Considerations
Expanding Bond Call Reserve Policy to allow savings opportunities Allows for one-time monies to be used for one-time expenditures Can be used to call bonds before final maturity, providing ongoing budgetary savings in future years City can prioritize surpluses after funding the Section 115 Trust toward annual CalPERS ADPs to increase plans’ funded ratios (95% - 100%) before building up the Bond Call and OPEB Reserve
Achieves greater total savings than paying down an equivalent amount of 2021 POBs Enables City to proactively address scheduled pension cost increases at more manageable levels ANALYSIS SCENARIO #1:
PENSION & OPEB RESERVE POLICY STATUSQUO
30 Scenario #1 Summary
In Scenario #1, NHA assumes surplus funds flow through the City’s Reserve Policy as established
NHA calculates that the City would have $29.8 million in its Bond Call Reserve to partially pay down the POB at first optional redemption on June 1, 2031 Assumes pay down of longest maturities on the POB to maximize savings Net Savings for Scenario #1
Gross Savings from POB Paydown: $41,574,933
Funds Used for POB Paydown: ($29,781,632)
Net Savings: $11,793,301
31 Scenario #1 Net Payments
*Pension Outlook Tool assumes FY 2022-23 returns of 6.1% and 6.80% returns from FY 2023-24 onward. 6.1% is the money-weighted rate of return reported by CalPERS in its FY 2022-23 Annual Comprehensive Financial Report.
$0
$5
$10
$15
$20
$25
$30
$35
$40
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Millions
2021 POB General Fund Allocable Lease Debt Service
Projected UAL Payments (CalPERS Pension Outlook Tool)* Scenario #1 Net Payments ANALYSIS SCENARIO #2:
PROPOSED RESERVE & OPEB POLICY
33 Scenario #2 Summary
In Scenario #2, NHA assumes ADPs are made with some of the surplus that would previously flow to the Bond Call and OPEB Reserve
Targets an approximate 95% funded ratio before surplus resumes flowing to the Bond Call and OPEB Reserve
City would make ADPs (from surpluses) in fiscal years 2024 – 2027, totaling $28.8 million From 2028 – 2031, remaining surpluses would build up the City’s Bond Call Reserve to $18.7 million, which would be used to partially pay down the POB at first optional redemption on June 1, 2031
Net Savings for Scenario #2
Gross Savings from ADPs + POB Paydown: $80,404,818
Funds Used for ADPs + POB Paydown: ($47,464,284)
Net Savings: $32,940,534
34 Scenario #2 Net Payments
*Pension Outlook Tool assumes FY 2022-23 returns of 6.1% and 6.80% returns from FY 2023-24 onward. 6.1% is the money-weighted rate of return reported by CalPERS in its FY 2022-23 Annual Comprehensive Financial Report.
$0
$5
$10
$15
$20
$25
$30
$35
$40
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Millions
2021 POB General Fund Allocable Lease Debt Service
Projected UAL Payments (CalPERS Pension Outlook Tool)* Scenario #2 Net Payments COMPARISON OF SCENARIO #1 AND #2
36 Scenarios Analysis: Summary
The difference in potential savings is attributable to how much higher costing debt (e.g., UAL vs. POB) is being paid down
Note: While ADPs pay down 6.8% debt with CalPERS, the ADPs are invested by CalPERS and are subject to future CalPERS returns
More funds are used in Scenario #2 because ADPs will theoretically lower future UAL payments and free up more surplus to be used for additional ADPs
Paying down more UAL generates higher projected savings, however the City could see reduced upside potential from any long-term overfunding scenarios if CalPERS achieves sustained outperformances Scenario #: #1 Status Quo #2 Proposed Difference
Gross Savings: $41,574,933 $80,404,818 $38,829,885
Funds Used: ($29,781,632) ($47,464,284) ($17,682,652)
Net Savings: $11,793,301 $32,940,534 $21,147,233
Net Savings Comparison
37 Scenario Comparison
*Pension Outlook Tool assumes FY 2022-23 returns of 6.1% and 6.80% returns from FY 2023-24 onward. 6.1% is the money-weighted rate of return reported by CalPERS in its FY 2022-23 Annual Comprehensive Financial Report.
$0
$5
$10
$15
$20
$25
$30
$35
$40
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
Millions
2021 POB Est. Allocable General Fund Debt Service UAL Payments* Scenario #1 Scenario #2 VI. CONCLUSION
39 Takeaways
Rising pension costs are a challenge facing most public agencies, and the City has tackled the challenge through strategies such as:
Issuing a strategic POB in a low interest rate environment Establishing a pension funding policy
Building up Section 115 Trust reserves
However, the UAL challenge has returned mainly due to recent poor CalPERS investment returns, potentially increasing the City’s UAL to $100M To assist with proactive pension and General Fund debt management, the City can consider the following:
Expand the scope of its POB Bond Call Reserve to encompass more expensive debt Leverage POB net savings to make direct ADPs to CalPERS to pay down UAL Consider target funded ratios
Consolidate Various Council
Policies into a Single Citywide
Reserve Policy
May 28, 2024
41 Summary of Proposed Policy Changes
Consolidation of Reserve Policies
Change in Calculation of Reserve Level
Updated Funding Allocation & Uses
Citywide Reserve Policy
• General Fund
• Pension & OPEB
• Measure A Fund
• Sewer Service Fund
• Ambulance Transport Fund
42 Consolidation of Reserve Policies
Prior Year’s Budget instead
of Future Year’s Budget.
Clarification of Operating
Expenditures
43 Change in Calculation of Reserve Level
44 Updated Funding Allocation & Uses
POB Net Savings Pension Reserve
Fund (15%)
POB Net Savings
POB Net Savings*
Annual UAL Payment
to CalPERS
CalPERS ADP to
Target Funding Level
(Up to 95%)
75%
Bond Call Fund OPEB Reserve Fund
(75% of Liability)Surplus
25%
*75% of the net annual savings from the
issuance of the POBs
45 Scenarios Analysis: Summary
The difference in potential savings is attributable to how much higher costing debt (e.g., UAL vs. POB) is being paid down
Note: While ADPs pay down 6.8% debt with CalPERS, the ADPs are invested by CalPERS and are subject to future CalPERS returns
More funds are used in Scenario #2 because ADPs will theoretically lower future UAL payments and free up more surplus to be used for additional ADPs
Paying down more UAL generates higher projected savings, however the City could see reduced upside potential from any long-term overfunding scenarios if CalPERS achieves sustained outperformances Scenario #: #1 Status Quo #2 Proposed Difference
Gross Savings: $41,574,933 $80,404,818 $38,829,885
Funds Used: ($29,781,632) ($47,464,284) ($17,682,652)
Net Savings: $11,793,301 $32,940,534 $21,147,233
Net Savings Comparison
46 Policy Comparison
POB and UAL Payment and Savings*
(in millions)
Current Proposed Difference
Additional Discretionary Payment $ - $ 28.8 $ 28.8 Bond Call Payment 29.8 18.7 (11.1)
Total Payments $ 29.8 $ 47.5 $ 17.7 ADP Savings $ - $ 54.2 $ 54.2
Bond Call Savings 41.5 26.2 (15.3)
Total Savings $ 41.5 $ 80.4 $ 38.9
Net Savings $ (11.7) $ (32.9) $ (21.2)
*Based on the 6.30.2022 CalPERS report and NHA projections General Fund Long-Term Financial Plan
47 Adopted Projected
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Major Discretionary Revenues 219.0$ 229.3$ 231.5$ 217.6$ 224.7$ 232.1$ 239.7$ 247.6$ 255.7$ 264.1$ Other Revenues 55.2 55.9 56.7 57.5 57.8 58.0 58.8 59.6 60.5 61.4 New Development Revenues - 2.7 3.5 3.8 4.0 4.1 4.2 4.4 4.5 4.7 Total General Fund Revenues 274.1$ 287.9$ 291.7$ 278.9$ 286.5$ 294.1$ 302.7$ 311.6$ 320.7$ 330.2$ Personnel Services Expenditures 147.3$ 156.6$ 164.8$ 171.1$ 177.5$ 183.1$ 188.0$ 193.3$ 198.9$ 204.3$ Other Expenditures 126.8 126.4 121.1 99.6 100.5 102.4 105.0 104.0 106.5 106.7 New Development Expenditures - 5.3 6.4 7.0 7.4 7.7 8.0 8.2 8.4 8.5 Total General Fund Expenditures 274.1$ 288.2$ 292.4$ 277.7$ 285.4$ 293.3$ 300.9$ 305.5$ 313.8$ 319.5$ General Fund Surplus / (Deficit) - (0.3) (0.7) 1.2 1.1 0.8 1.8 6.0 7.0 10.7 Estimated Balances 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Pension Reserve Fund 32.3$ 33.6$ 35.0$ 36.1$ 37.3$ 38.5$ 39.8$ 41.0$ 42.4$ 43.8$ Balance of Bond Call Fund - - - 4.9 9.2 13.8 18.7 - - - Balance of OPEB Reserve - - - 1.6 3.1 4.6 6.2 6.2 6.2 6.2 Approve the “Resolution of the City Council of the City of Chula Vista amending and repealing various City Council Policies related to reserves into a consolidated Citywide Reserve Policy” 48 Recommended Action
Consolidate Various Council
Policies into a Single Citywide
Reserve Policy
May 28, 2024