The city of Solana Beach’s annual financial report, which covers the fiscal year ending in 2023, was released ahead of the March 27 City Council meeting.
Highlights of the report, known as an Annual Comprehensive Financial Report, included pension liability. As of June 2023, the city’s net pension liability, which is the difference between pension liability and pension assets, increased by about $9 million from the end of fiscal year 2022 to fiscal year 2023.
“This is mainly due to the very poor investment return for the year ending June 30, 2022. The asset return was -7.5% while CalPERS expected 7.15%, for a loss of 14.65%,” interim City Manager Dan King said in a report to the council, referring to the state agency that manages the pensions of public employees.
The report also said that the city’s general fund revenues increased about 21% from the end of fiscal year 2022 to the end of fiscal year 2023, going from $23.9…
