RESOLUTION NO. _____________
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ESTERO MUNICIPAL
IMPROVEMENT DISTRICT APPROVING A SUPPLEMENTAL APPROPRIATION TOTALLING $1,155,750 FOR AN ADDIITONAL DISCRETIONARY PAYMENT TO CALPERS FOR THE PARITAL PAYDOWN OF THE DISTRICT’S UNFUNDED ACCRUED
LIABILITY
ESTERO MUNICIPAL IMPROVEMENT DISTRICT
WHEREAS, the City of Foster City has a CalPERS Unfunded Accrued Liability (UAL) of approximately $101.0 million and 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 $15.0 million by making an Additional Discretionary Payment to improve its pension funded percentage; and WHEREAS, using the percentages which apply the annually recurring pension costs allocated to the Water and Wastewater Enterprises, the respective allocations of the $15.0 million payment are $515,250 and $640,500.
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the Estero Municipal Improvement District authorizes an appropriation of (a) $515,250 from the Water Enterprise Fund and (b) $640,500 from the Wastewater Enterprise Fund for an Additional Discretionary Payment to CalPERS.
PASSED AND ADOPTED as a resolution of the Board of Directors of the Estero Municipal Improvement District at the Regular Meeting held on the 6th day of April, 2026 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________________________
ART KIESEL, PRESIDENT
ATTEST:
_______________________________________
PRISCILLA SCHAUS, DISTRICT SECRETARY