In 2021, the Belvedere Finance Committee created a Taskforce on Pensions and OPEBs that was tasked with analyzing the City's pension and OPEB obligations, and recommending strategies to manage those obligations to ensure the City's ongoing fiscal sustainability.
The Taskforce met over several months to analyze the issue and research potential solutions. The Taskforce presented its findings to the Belvedere Finance Committee in March 2021. The Finance Committee then presented a recommended strategy to the City Council on April 12, 2021. The report to City Council can be found here. The Council accepted the Finance Committee's recommendations, including: the adoption of a Pension Funding Policy, creation of a 115 Pension Trust, various revisions to the Administrative Policy Manual, and a budget amendment for the 2020/21 Fiscal Year.
This page will be updated with future updates to the City's pension position.