RESOLUTION NO. RES-2026-054
RESOLUTION OF THE COUNCIL OF THE CITY OF SANTA ROSA AUTHORIZING THE CITY MANAGER TO EXECUTE AN AMENDMENT TO THE CALPERS CONTRACT FOR A FRESH START RE-AMORTIZATION AND APPROVING THE DRAWDOWN OF RESTRICTED PENSION FUNDS AND APPROVAL OF STRATEGIC USE OF $26 MILLION IN RESTRICTED PENSION FUNDS TO SUPPORT BUDGET STABILITY AND LONG-TERM PENSION COST AVOIDANCE WHEREAS, the City of Santa Rosa faces a citywide Unfunded Accrued Liability (UAL) of $482 million based on the most recent CalPERS valuation of the City's pension plans; and WHEREAS, without intervention, the UAL payments for the General Fund are projected to peak at $35.7 million by Fiscal Year 2031; and WHEREAS, the City Council conducted a Study Session on April 21, 2026, and unanimously directed staff to return with implementation of Option 1, consisting of a CalPERS Fresh Start re-amortization with strategic use of restricted pension funds to smooth payments.
NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Santa Rosa authorizes the City Manager to execute an amendment to the City's contract with CalPERS, subject to approval as to form by the City Attorney, to implement a "Fresh Start" re-amortization of the City's UAL.
BE IT FURTHER RESOLVED that the Council approves the strategic use of $26 million in restricted pension funds to support budget stability and long-term cost avoidance.
IN COUNCIL DULY PASSED this 2nd day of June, 2026.
AYES: (6) Mayor Stapp, Vice Mayor Okrepkie, Council Members Alvarez, Bañuelos, MacDonald, Rogers NOES: (0)
ABSENT: (1) Council Member Fleming
ABSTAIN: (0)
RECUSE: (0)
ATTEST: _________________________ APPROVED: ______________________________ Deputy City Clerk Mayor
APPROVED AS TO FORM: ________________________
Chief Assistant City Attorney
Reso. No. RES-2026-054
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