PISMO BEACH CITY COUNCIL STAF REPOR
Agenda Item #9.J
Meetin Date: pril 7, 2026
TITLE:
California Public Employees’ Retirement System (CalPERS) Additional Discretionary Payment of $1.0 Million to Reduce the City’s Unfunded Pension Liability
RECOMMENDATION:
Adopt a Resolution appropriating $1.0 million from the General Fund unassigned fund balance to provide additional discretionary payments of $500,000 to each of the City’s CalPERS Miscellaneous and Safety Police plans to reduce the City’s unfunded pension liability in Fiscal Year 2026.
DISCUSSION:
The City of Pismo Beach provides retirement benefits for full-time employees through the California Public Employees' Retirement System (CalPERS). Due to past investment earnings that did not achieve targeted earnings, as of June 30, 2024, CalPERS only has an estimated 76.8% of the funds required to pay estimated retirement benefits due to retirees. Although the funded rate is a moving target depending on the amount of contributions into CalPERS and the market value of CalPERS investments, an 85% to 90% funded rate would better allow CalPERS to support current and future retirement benefits, while a 50% funded rate could mean that the pension system may not be able to deliver promised benefits. As a result of past losses, increases in life span, retirement enhancements, and other factors, public agencies are now having to pay this unfunded amount, at a 6.8% interest rate.
Staff recognizes the City Council’s past decisions that demonstrated fiscal discipline to use the prior fiscal years’ personnel cost savings to fund additional discretionary payments to CalPERS. This action, if continued, will reduce the City’s interest costs on its outstanding debt and help manage increasing unfunded accrued liability (UAL) payments in the future.
Staff reviewed the benefit of contributing $1.0 million from the General Fund CalPERS prepayment set-aside (General Fund available fund balance set aside from the FY 2024 through FY 2025 personnel cost savings) towards the UAL in one lump sum. Based on this review and the projected savings, staff recommends that the Council adopt a resolution (Attachment 1) to contribute $1.0 million directly to CalPERS to prefund its UAL for the retirement plans for Miscellaneous and Safety Police, including related budget adjustments.
Background
CalPERS retirement plans provide a defined benefit to each retired employee based on a set percentage of an employee’s salary multiplied by the number of years that the employee contributed to the CalPERS system, starting at the stated retirement age of Council Agenda 4-7-2026 9.J-1
each Plan tier. The City has three main retirement plans, each with two or three benefit tiers, as illustrated in Chart 1:
Chart 1: City’s CalPERS Retirement Plans
Each tier within each plan calls for a different Employer and Employee cost, with the 1st tier costing the most and the 3rd tier costing the least to the employer.
How are Employee Pensions Funded?
Normal (Current) Costs
Individual employee contributions make up about 11% of their retirement benefits. City employees contribute a percentage of their salary depending on their plan and fiscal year. Miscellaneous employees currently contribute 8.0% of their salary to their retirement for tiers 1 and 2, and 9.5% for tier 3 employees. Safety Police employees contribute 12.0% of their salary to their retirement for tiers 1 and 2, and 14.25% for tier 3 employees. There are no current Safety Fire employees, so the contribution for tier 1 and 3 employees is 0.0%.
Employer contributions make up 34% of employees’ retirement. The City contributes a percentage of the employees’ salary towards the employees’ retirement benefits, ranging from 6.18% for the tier 3 miscellaneous employees to 24.38% for a Sworn police officer in tier 1.
Table 1 illustrates the City and Employee contributions for the current fiscal year, FY 2026.
Miscellaneous Plan (All
Employees except
Sworn Police Officers)
• First tier provides a
benefit of 2.5% at age
55 • Second tier provides a
benefit of 2.0% at age
60 • Third tier provides a
benefit of 2.0% at age
62 Safety Police Plan (for
Sworn Police Officers)
• First tier provides a
benefit of 3.0% at age
50 • Second tier provides a
benefit of 3.0% at age
55 • Third tier provides a
benefit of 2.7% at age
57 Safety Fire Plan
• First tier provides a
benefit of 2.0% at age
50 • Third tier provides a
benefit of 2.7% at age
57 Council Agenda 4-7-2026 9.J-2
Table 1: City and Employee Contributions to CalPERS
Plan City
Rate
Employee
Rate
Miscellaneous - T1 14.18% 8.00%
Miscellaneous - T2 9.18% 8.00%
Miscellaneous - T3 (PEPRA) 6.18% 9.50%
Police - T1 24.38% 12.00%
Police - T2 20.06% 12.00%
Police - T3 (PEPRA) 13.49% 14.25%
Fire - T1 0.00% 0.00%
Fire - T3 (PEPRA) 0.00% 12.00%
CalPERS investments fund 55% of the employees’ retirement. CalPERS investments have varied every year, largely dependent on the overall economy. Including the most recent FY 2025 investment earnings of 12.1%, earnings have averaged: 7.4% per year over the past 10 years, 6.7% per year over the past 20 years, and 7.6% per year for the past 30 years.
In total, 66% of the pension costs are funded by CalPERS investment earnings and employee contributions, leaving 34% funded by the City. Figure 1 illustrates the percentages, or cents per dollar, of contributions per each dollar of public employee pension costs.
Figure 1. Funding Percentages
Council Agenda 4-7-2026 9.J-3
Unfunded Pension Costs (Recovering from Past Investment Earnings Lower than Target) In addition to paying the normal or current pensions costs for the year, the City also contributes an amount each year (UAL payment) to help make up for past years where the above three factors did not meet its target earnings rate. Although, on average, CalPERS has met its target investment earnings, CalPERS experienced significant losses during the recession in 2000 and 2001 of 7.2% and 6.1%, respectively, in investment earnings; during the Great Recession in 2008 and 2009 of 5.1% and 24.0%, respectively, of investment earnings; and in FY 2022 with a loss of 6.1% of investment earnings. Consequently, CalPERS has large unfunded pension costs that it cannot earn its way out using just investment earnings. In order to manage the past investment earnings lower than target and still provide its promised benefits, CalPERS has amortized these payments across 20 to 30 years to be paid back by public agency contributions. As a result, these unfunded pension costs are significant.
As of the June 30, 2024 CalPERS valuation of the City’s pension plans, CalPERS has consolidated all tiers into one plan for UAL purposes.
Impact of the Normal Cost and UAL cost on Annual Budgets The normal pensions costs that are paid by the City and the employee to pay for retirement benefits were approximately $1.09 million in FY 2025. The UAL payment (catching up for earnings not achieved in prior years) was $2.0 million in FY 2026. To put this into context with the City’s all funds operating costs, the City pays 1.8% of its operating budget to normal or current pension costs. The City pays 3.4% of its operating budget for unfunded liability payments. Table 2 shows these normal costs, unfunded liability payments, all funds operating budget, and the percentage of the pension costs compared to the operating budget.
Table 2: FY 2021 to FY 2026 Pension Costs Compared to Operating Budgets The unfunded liability payments are increasing significantly and, based on the latest CalPERS valuation, they will continue to increase and peak in FY 2032, then start decreasing (assuming no additional retirement benefit enhancements) after that. Chart 2 Fiscal
Year
Normal
(current)
Pension
Costs
Unfunded
Liability
Payment
(Principal and
Interest)
All Funds
Operating
Budget
Normal
Pension
as % of
Operating
Budget
CalPERS
Unfunded
Liability as
% of
Operating
Budget
FY 2021 823,816$ 1,288,444$ 34,816,106$ 2% 4% FY 2022 845,851 1,481,671 41,030,496 2% 4%
FY 2023 925,642 1,603,821 42,008,617 2% 4%
FY 2024 1,019,691 1,429,749 51,646,934 2% 3%
FY 2025 1,091,172 1,669,693 50,717,338 2% 3%
FY 2026 1,262,296 2,003,217 59,680,876 2% 3%
Council Agenda 4-7-2026 9.J-4
illustrates the City’s UAL payments projected from FY 2027 to FY 2044 based on the June 30, 2024 CalPERS actuarial valuation.
Funded Status and Total Unfunded Accrued Liability
Funded Status as of June 30, 2024 Valuation: 76.8%
The funded status of the City’s retirement plans are determined by comparing the assets it needs to cover all its long-term obligations using various actuarial assumptions compared to the market value of its existing assets. As of the most recent, June 30, 2024, CalPERS actuarial valuation, the funded status of each retirement plan is 76.8% for all three plans. The unfunded portion of the City’s retirement plans, or the Unfunded Accrued Liability (UAL), as of June 30, 2024 for all funds is $22.36 million, including $11.59 million for the Miscellaneous Plan and $9.26 million for the Safety Police Plan. The City also has a Safety Fire Plan for former fire employees which have a total UAL of $1.50 million as of June 30, 2024. The following Table 3 illustrates the funded status of the three retirement plans, including the total UAL. Taking the weighted average of all plans, the funded status of all the City’s plans is 76.8%.
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
Chart 2: CalPERS Unfunded Accrued Liability Payments
Public Safety Miscellenous Fire Safety
Council Agenda 4-7-2026 9.J-5
Table 3: Funded Status of Each Retirement Plan
Future Projected Funded Status Over Next Decade: Better Positioned Due to various uncertain economic factors including global unrest, preliminary investment earnings, longer projected lifespans, and other market impacts, there will likely be more volatility over the next decade in its investment earnings, which would impact the funded status. Fortunately, despite these upcoming uncertain projections, CalPERS and public agencies are better positioned to weather some economic downturns through various strategies implemented after the last two economic downturns experienced double digit lost earnings in multiple years. These strategies included pension reform in 2013 that established new tier 3 retirements with reduced benefits and lower costs, CalPERS implemented additional policies to help reduce its earnings target from 7.5% per year to
6.8%, shifting its investment strategy from higher earning riskier investments to more stable and conservative investments to avoid large drops due to market pressures, and public agencies increasing contributions to CalPERS.
Funded Status, One Measure Reflecting Health of the Retirement Plans Although the funded rate is a moving target depending on the amount of contributions into CalPERS and the market value of CalPERS investments, an 85% to 90% funded rate would allow CalPERS to support current and future retirement benefits, while a 50% funded rate would mean that the pension system would likely not be able to earn sufficient amounts to deliver promised benefits. Since the City is currently at approximately 76.8% funding as of the June 30, 2024 valuation, and CalPERS preliminary earnings for FY 2025 were 11.6%, the City’s funded status should improve in the next valuation.
Still Large Unfunded Liability Payments Due to CalPERS, Peaking in FY 2032 There still remain large unfunded accrued liabilities (UAL) from promised defined benefits compared to the fiscal health of the CalPERS system. This UAL for the City is $22.36 million as of the June 30, 2024 valuation. In order to pay down this UAL, public agencies have been making payments amortized over 20 to 30 years. As the valuation and funded status assumes a 6.8% earnings rate, these payments reflect a 6.8% interest rate, a high interest rate compared to all the other City’s debt obligations. As shown in Chart 1, these UAL payments are only expected to increase and finally peak in FY 2032. So instead of paying 4% of the City’s operating costs to CalPERS, this percentage will increase. Other than CalPERS consistently exceeding its earnings target to make up for its past investment losses, the best most cost-effective way to help manage these costs is to pay Plan
Funded
Status
% as of
6/30/24
Unfunded
Accrued
Liability
(UAL) as of
6/30/24
% of
total
UAL
%
funded
all
plans
Miscellaneous 76.50% 11,592,279 52% 39.7%
Police 77.60% 9,262,337 41% 32.1%
Fire 74.00% 1,503,935 7% 5.0%
22,358,551 76.8%
Council Agenda 4-7-2026 9.J-6
down this debt. Paying down the unfunded liability earlier than the current amortization schedule not only reduces the City’s unfunded liability and the high interest costs, but also reduces the City’s operating costs over that period.
In other words, although the plans are potentially reaching a more sustainable funded status, the City still has increasingly large debt payments, reflecting a 6.8% interest rates.
As such, it is in the best interest of the City’s financial portfolio to pay this down to reduce this interest cost. In fact, several public agencies, including the City of Pismo Beach, have made additional discretionary payments to reduce the high interest costs and pay down this debt. To date, Pismo Beach has paid $5.0 million toward its UAL ($1.0 million in 2015, $2.0 million in 2018, $1.0 million in 2022, and $1.0 million in 2024), saving hundreds of thousands in interest costs, negotiated new retirement tiers, and increased employee contributions.
Strategies to Pay Down UAL Debt
There are multiple proactive strategies that staff has explored over the past few years to help minimize this high interest debt burden, including direct CalPERS additional discretionary payments, setting aside funds in an irrevocable IRS Section 115 Trust for pension stabilization, reduce the City’s plan to a shorter amortization period, or issue pension obligation bonds. The most direct way to reduce the City’s interest costs are to make direct CalPERS additional discretionary payments.
Section 115 Trust: The City could establish an irrevocable Section 115 Pension Trust to prefund future CalPERS contributions and help stabilize rate increases. Under this option, the City would transfer the existing $1.0 million CalPERS prepayment set- aside from the General Fund into the trust. These funds, plus earnings, could be used in future years—particularly around projected peak costs (e.g., FY 2032)—to offset pension expenses, but may only be used for pension purposes. The trust balance would be reported as an asset on the City’s financial statements.
The primary benefit of the trust is the potential to earn a higher return than the City’s pooled investments, which are restricted by State law. Based on historical performance, a moderate investment strategy would likely yield approximately 5% to 7% over the long term, though returns are not guaranteed and will fluctuate with market conditions.
However, this option does not directly reduce the City’s unfunded pension liability (UAL) or provide immediate savings. In contrast, making an additional discretionary payment to CalPERS provides guaranteed savings equal to the discount rate (approximately 6.8%). Because the trust’s expected return is similar to, but not consistently higher than, this guaranteed rate, it does not provide a clear financial advantage in the near term. Additionally, the trust is subject to market volatility. During economic downturns, when CalPERS costs typically increase, the trust may also experience losses, reducing the funds available to offset those increases.
Council Agenda 4-7-2026 9.J-7
Staff does not recommend this option at this time. While a Section 115 Trust can be a useful long-term tool to smooth pension costs, it is generally more appropriate once the City’s pension liability is better funded and contribution levels have stabilized. Amortize the City’s plans to a 20-year amortization period: The City has the option to change some or all of the retirement plans’ tiers from its current amortization schedule to a shorter amortization period. This option could take the $1.0 million and spread it across the various plans to reduce interest costs and the City’s UAL payment in the long term. However, in the short-term, the City’s UAL payments would increase. As the City is trying to reduce its CalPERS UAL payments from now until FY 2032, this option is not in line with the City’s resources.
Pension obligation bonds (POBs): Pension Obligation Bonds (POBs) are taxable debt issued by a public agency to fund all or a portion of its unfunded actuarial accrued liability (UAL) at a specific point in time. While issuing POBs can eliminate the existing UAL, new liabilities may still emerge over time due to actuarial changes, benefit adjustments, or investment performance. The long-term financial outcome of a POB depends largely on whether CalPERS investment returns exceed the bond interest rate. While POBs often generate short-term contribution savings, the long-term benefits are uncertain and difficult to predict. If investment returns underperform, the City could face both ongoing UAL payments and POB debt service, increasing overall financial risk. POBs are considered a higher-risk, more speculative strategy, as they effectively convert a soft liability into fixed debt and rely on market performance to achieve savings. Although there has been renewed interest in POBs during periods of lower interest rates and rising pension costs, past experience has shown that agencies issuing POBs at unfavorable times have incurred significant financial strain.
Staff does not recommend this approach at this time. The City’s current priority is to reduce its 6.8% UAL interest cost without taking on additional financial risk associated with leveraged debt.
Direct CalPERS Additional Discretionary Payment (ADP): Providing an additional discretionary payment (ADP) to CalPERS provides a direct benefit to reducing the City’s interest on its unfunded liability and helps to reduce the City’s UAL payments over time. Staff worked with its CalPERS Actuary to determine the results of contributing $500 thousand to each of the Miscellaneous and Public Safety Police plans.
Maximize Savings in Next 10 Years to decrease UAL Payments Staff used the CalPERS Managing ER Contributions tool to determine how to best allocate the $1.0 million across the various plans. Staff’s focus in previous years was to maximize interest cost savings overall. However, based on the projected UAL payments exceeding $2.5 million in FY 2029 through FY 2035, staff’s goal is to reduce the total payments due in the peak years.
Council Agenda 4-7-2026 9.J-8
Accordingly, staff applied the $500 thousand for each plan to the shortest amortization period to achieve the greatest reduction in upcoming payments. Based on this review, the total $1.0 million prepayment to CalPERS is projected to reduce the City’s UAL payments in the next 10 years by $1,369,828 and save the City $369,835 in interest costs from FY 2027 to FY 2044. The average annual savings in total UAL payments for both plans is $76,102 during FY 2027 to FY 2044, reducing the City’s operating costs. Table 4 includes the proposed option and corresponding savings.
Table 4: CalPERS Prepayment Projected Savings to Maximize Costs Savings during FY 2027 to FY 2044
Plan Prepayment
FY 2027 to
FY 2036 UAL
Payment
Savin s
Total Interest
Savings
FY 2027 to FY
2044 Average
Annual Savings
Police Safet $500,000 $666,632 $166,632 $37,035
Miscellaneous $500,000 $703,196 $203,203 $39,067
TOTAL $1,000,000 $1,369,828 $369,835 $76,102
The annual payments by year are reflected in the Safety Police Plan Prepayment (Attachment 2) and Miscellaneous Plan Prepayment (Attachment 3). The following charts illustrate the savings to the City for the Police Safety Plan (Chart 3) and the Miscellaneous Plan (Chart 4).
Chart 3: Police Safety Plan Annual UAL Payments
Before and After $500,000 Prepayment
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
Police Safety Current Schedule
Police Safety Schedule with $500K ADP
Council Agenda 4-7-2026 9.J-9
Chart 4: Miscellaneous Plan Annual UAL Payments
Before and After $500,000 Prepayment
Alternatives
Alternatives to staff’s recommendation have been analyzed in the Strategies section above.
Conclusion and Recommendation
Staff recommends that the Council adopt a resolution (Attachment 1) appropriating $1.0 million from the General Fund unassigned fund balance to provide additional discretionary payments of $500,000 to each of the City’s CalPERS Miscellaneous and Safety Police plans to reduce the City’s unfunded pension liability in FY 2026.
FISCAL IMPACT:
The fiscal impact of adopting the attached Resolution is an initial cost of $1.0 million in FY 2026, which will reduce the General Fund available fund balance. The total $1.0 million prepayment to CalPERS will reduce the City’s UAL payments in the next 10 years by $1,369,828 and save the City $369,835 in interest costs from FY 2027 to FY 2044. The average annual savings in total UAL payments for both plans is $76,102 during FY 2027 to FY 2044, reducing the City’s operating costs.
In order to implement this payment, staff recommends that the Council appropriate $1.0 million from the General Fund unassigned fund balance to pay an additional discretionary payment in FY 2026.
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
Misc Current Schedule Misc Schedule with $500K ADP
Council Agenda 4-7-2026 9.J-10
Table 5: CalPERS Prepayment Projected Savings
Plan Prepayment
FY 2027 to
FY 2036 UAL
Pa ment Savin s
Total
Interest
Savin s
FY 2027 to FY
2044 Average
Annual Savin s
Police Safet $500,000 $666,632 $166,632 $37,035
Miscellaneous $500,000 $703,196 $203,203 $39,067
TOTAL $1,000,000 $1,369,828 $369,835 $76,102
ATTACHMENTS:
1. Resolution
2. Annual Savings for Safety Police Plan Additional Discretionary Payment
3. Annual Savings for Miscellaneous Plan Additional Discretionary Payment Submitted by: Nadia Feeser, Administrative Services Director City Manager Approval:
Council Agenda 4-7-2026 9.J-11
RESOLUTION NO. R-2026-XXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PISMO BEACH, CALIFORNIA APPROPRIATING $1.0 MILLION FROM THE GENERAL FUND
UNASSIGNED FUND BALANCE TO PROVIDE ADDITIONAL DISCRETIONARY PAYMENTS OF $500,000 TO EACH OF THE CITY’S CALPERS MISCELLANEOUS AND SAFETY POLICE PLANS TO REDUCE THE CITY’S UNFUNDED PENSION LIABILITY IN FISCAL YEAR 2026
WHEREAS, the City of Pismo Beach provides retirement benefits for full-time employees through the California Public Employees' Retirement System (CalPERS); and WHEREAS, during the recession in 2000 and 2001, CalPERS had losses of 7.2% and
6.1%, respectively, in investment earnings and during the Great Recession in 2008 and 2009, CalPERS suffered losses of 5.1% and 24.0%, respectively, of investment earnings and since then, has been struggling to recover those losses; and WHEREAS, as a result of past investment losses, increases in retiree life span, retirement enhancements, and other factors, public agencies now have to pay this unfunded amount, at a 6.8% interest rate, which costs the City of Pismo Beach over $2.0 million per year and growing; and
WHEREAS, in order to help reduce the impact of the increasing unfunded accrued liability (UAL) costs, the City may contribute an additional discretionary payment of $500,000 from the General Fund unassigned fund balance CalPERS Prepayment set-aside toward the Miscellaneous Plan UAL and $500,000 from the General Fund unassigned fund balance CalPERS Prepayment set-aside towards the Safety Police Plan UAL for a projected combined $1,369,828 of the total projected savings to be realized in the first 10 years from FY 2027 and FY 2036 as a reduction in the City’s UAL and ongoing operating costs, $369,835 in CalPERS interest savings, averaging $76,102 of savings per year, and an improvement of the City’s retirement plans’ funded status.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Pismo Beach hereby appropriates $500,000 from the General Fund unassigned fund balance CalPERS Prepayment set-aside to prepay the Safety Police Plan UAL and $500,000 from the General Fund unassigned fund balance CalPERS Prepayment set-aside to prepay the Miscellaneous Plan UAL in FY 2026.
UPON MOTION OF Council Member , seconded by Council Member , the foregoing resolution was adopted by the City Council of the City of Pismo Beach this 7th day of April 2026, by the following vote:
AYES:
NOES:
ABSENT:
Council Agenda 4-7-2026 9.J-12
Attachment 1
ABSTAIN:
RECUSED:
Approved: Attest:
________________________ ________________________
Ed Waage, Mayor Erica Inderlied, City Clerk
IN WITNESS WHEREOF, I have hereunto set my hand and official seal of the City of Pismo Beach on _______________________.
________________________
Erica Inderlied, City Clerk
Council Agenda 4-7-2026 9.J-13
Attachment 1
Safety Police Plan Unfunded Accrued Liability Payments
with $500,000 Additional Discretionary Payment (ADP)
Fiscal Police Safety Schedule with Projected
2026 810,086$ 810,086$ -$ 81.1% 2027 898,689$ 823,477$ (75,212)$ 82.5% 2028 927,709$ 850,390$ (77,319)$ 83.9% 2029 1,028,199$ 948,716$ (79,483)$ 85.4% 2030 1,031,128$ 949,420$ (81,708)$ 86.9% 2031 1,029,871$ 945,874$ (83,997)$ 88.4% 2032 1,048,632$ 962,285$ (86,347)$ 89.8% 2033 1,046,810$ 975,800$ (71,010)$ 91.3% 2034 1,044,352$ 989,601$ (54,751)$ 92.7% 2035 1,027,739$ 990,218$ (37,521)$ 94.1% 2036 991,778$ 972,493$ (19,285)$ 95.5% 2037 919,137$ 919,137$ (0)$ 96.7% 2038 596,071$ 596,074$ 3$ 97.4% 2039 532,134$ 532,134$ 0$ 98.1% 2040 479,891$ 479,891$ 0$ 98.6% 2041 445,121$ 445,122$ 1$ 99.1% 2042 357,141$ 357,141$ 0$ 99.5% 2043 261,563$ 261,562$ (1)$ 99.8% 2044 208,473$ 208,470$ (3)$ 100.0% Council Agenda 4-7-2026 9.J-14
Attachment 2
Miscellaneous Plan Unfunded Accrued Liability Payments
with $500,000 Additional Discretionary Payment (ADP)
Fiscal Misc Current Misc Schedule Projected
2026 1,034,661$ 1,034,661$ -$ 80.2%
2027 1,148,322$ 1,086,415$ (61,907)$ 81.7% 2028 1,184,400$ 1,120,761$ (63,639)$ 83.3% 2029 1,300,501$ 1,235,078$ (65,423)$ 85.1% 2030 1,306,744$ 1,239,488$ (67,256)$ 86.8% 2031 1,308,146$ 1,239,007$ (69,139)$ 88.4% 2032 1,332,877$ 1,261,805$ (71,072)$ 90.0% 2033 1,331,718$ 1,258,655$ (73,063)$ 91.6% 2034 1,329,780$ 1,254,672$ (75,108)$ 93.1% 2035 1,311,356$ 1,234,144$ (77,212)$ 94.6% 2036 1,272,826$ 1,193,451$ (79,375)$ 95.9% 2037 778,862$ 778,860$ (2)$ 96.7% 2038 712,254$ 712,257$ 3$ 97.4%
2039 641,648$ 641,649$ 1$ 98.1%
2040 584,845$ 584,848$ 3$ 98.6%
2041 545,787$ 545,786$ (1)$ 99.1% 2042 443,840$ 443,839$ (1)$ 99.5% 2043 335,198$ 335,197$ (1)$ 99.7% 2044 343,991$ 343,981$ (10)$ 100.0% Council Agenda 4-7-2026 9.J-15
Attachment 3