The City of Glendale's Finances
x Glendale’s most recent payment to CALPERS on July 18, 2018 was for $40,847,000. In November 2016 that amount was only $20,000,000.
✔ The $40,847,000 most recently paid to CalPERS represents the employer’s portion of the PERS payment for the entire fiscal year (FY) 2017-18, net of employee cost share (employer’s portion paid by employees). In July 2017, the City opted to prepay the Unfunded Accrued Liability (UAL) portion of the CalPERS obligation for FY 2017-18 instead of making monthly payments towards the UAL. That prepayment was $29,104,268 and is included in the $40,847,000 total for the year. This prepayment saved the City a little over $1 million because the monthly payment option was more costly.
For fiscal year 2016-17 (includes November 2016), the City’s portion of the CalPERS payment for that entire year was $31,928,000, as reported in that fiscal year’s Comprehensive Annual Financial Report (CAFR).