RESOLUTION NO. _____________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FOSTER CITY APPROVING A SUPPLEMENTAL APPROPRIATION OF $13,844,250 FOR AN
ADDITIONAL DISCRETIONARY PAYMENT TO CALPERS FOR THE PARTIAL PAYDOWN OF THE CITY’S UNFUNDED ACCRUED LIABILITY
CITY OF FOSTER CITY
WHEREAS, the City has a CalPERS Unfunded Accrued Liability (UAL) of approximately $101.0 million and a 70.1% pension funded percentage as of the June 30, 2024 valuation date; and
WHEREAS, the City Council desires to reduce its CalPERS UAL by $15,000,000 by making an additional discretionary payment to improve its pension funded percentage; and
WHEREAS, $1,155,750 of that $15,000,000 payment is allocable to the Water and Wastewater Enterprises, leaving $13,844,250 to be funded from the General Fund Reserve.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Foster City authorize a supplemental appropriation of $13,844,250 from the General Fund Reserve for the Additional Discretionary Payment of up to $15,000,000 to CalPERS.
PASSED AND ADOPTED as a resolution of the City Council of the City of Foster City at the regular meeting held on the 6th day of April, 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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ART KIESEL, MAYOR
ATTEST:
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PRISCILLA SCHAUS, CITY CLERK