Advisers Set City Council on Prudent Fiscal Path

The City Council has moved forward with a number of recommendations courtesy of the advisers to the strategic financial planning committee, tentatively setting the tone for how the city will start to approach its operational and capital expenses.
In a series of decisions made at Friday’s study session, the City Council has directed the city to maintain a fund reserve of 40% of the city’s operating revenue for the fiscal year and to commit any extra funds to a capital expense fund; to pay only its minimum required contribution toward the CalPERS (California Public Employees Retirement System) pension liability; to prepare a multi-year capital spending plan and to complete a condition assessment of San Marino’s sewers, sidewalks and facilities. Continue reading “Advisers Set City Council on Prudent Fiscal Path”

City to Continue Evaluating Financial Options for Future

As it relates to current and future obligations to the state’s pension program, San Marino may not have the prettiest picture, but it is a far cry from the worst.
The city even finds itself with options to possibly stabilize pension funding payments that are projected to increase substantially just within the next decade and the City Council is expected to discuss establishing a committee to assess those options. Continue reading “City to Continue Evaluating Financial Options for Future”