Updated as of 07/01/2022
The City’s fiscal policy is guided by the 20-Year Financial Plan, which is a comprehensive plan that encompasses the long-term operating and capital needs of the General Fund. The long-term goal is to achieve fiscal sustainability with a balanced operating budget when Measure HH sunsets in 2037. $25 million of additional payments are projected to be made to CalPERS over the next twenty years, in addition to the amounts required annually by CalPERS. In 2037/38, the City will be debt free. The City’s pension liability is expected to be paid off along with the Pension Obligation Bonds and Lease Revenue Bonds. The twenty year forecast shows that in 2037/38 the annual operating surplus will be $473k when Measure HH sunsets, which can be maintainedwith active management via new revenue sources from economic development. Due to Measure HH and strong fiscal stewardship, the City is on a solid path towards long-term fiscal sustainability.