The city one of seven communities throughout California to receive funds as part of an infill infrastructure program.
The El Cerrito City Council took action at a recent meeting to ensure the city’s long-term fiscal sustainability by investing $10 million of the city’s General Fund reserve balance to secure funds in case of an emergency and to provide funding for the city’s pension costs.
The council voted unanimously to place $9 million of the General Fund reserve balance in the city’s Emergency Disaster Relief Fund to be used in the event of severe economic downturns or disasters. The EDRF was recommended by the city’s Financial Advisory Board and adopted by the council in 2019 as a part of its comprehensive financial policies.
The $9 million, located in a restricted portion of the City’s General Fund, fully funds the EDRF with an amount equivalent to three months of payroll costs. With this action, the city now has General Fund reserves of more than 28% of citywide expenditures, including the fully funded EDRF. At the same meeting, the City Council unanimously approved a motion to create, and provide $1 million to fund, a Section 115 Pension Funding Trust dedicated to meeting the city’s pension obligations. A Section 115 Trust is an irrevocable trust under Section 115 of the Internal Revenue Code that can only be used to either pay pension costs or pay down unfunded pension liabilities, while serving as an asset in the city’s financial statements.
Together, these actions further cement the City’s positive financial trajectory over the last three years, dramatically increasing the City’s General Fund reserve balance and taking actions to ensure financial health and stability into the future. For more details, visit
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