Title
SCERS Annual Financial Report for Fiscal Year (FY) 2025
End
FileID
File ID: 2026-00531
End
Location
Location: Citywide
End
Recommendation
Recommendation: Receive and file.
End
Contact
Contact: Osvaldo Lopez, Finance Manager, (916) 808-4740, olopez@cityofsacramento.org, Department of Finance
End
Presenter
Presenter: Osvaldo Lopez, Finance Manager, (916) 808-4740, olopez@cityofsacramento.org, Department of Finance
End
Attachments
Attachments:
1-Description/Analysis
2-Sacramento City Employees' Retirement System Annual Financial Report FY 2025
3-FY2024/25 Auditor’s Letter on Required Communications
End
Additional Description/Analysis
IssueDetail
Issue Detail: Annual financial report provided to the board.
The Sacramento City Employees’ Retirement System (SCERS) Annual Financial Report for the fiscal year that ended June 30, 2025 (FY 2024/25) was prepared by the Department of Finance Accounting Division and audited by external auditors, to present the financial results of SCERS. The June 30, 2025, Auditor’s Report to the Administration, Investment, and Fiscal Management Board (AIFM Board) and Members of City Council provides additional information about the FY2024/25 SCERS audit.
End
PolicyConsiderations
Policy Considerations: This report is consistent with the City’s fiscal transparency and accountability principles and is required by the AIFM Board Policy Statement.
End
EconomicImpacts
Economic Impacts: None.
End
EnvironmentalConsiderations
Environmental Considerations:
California Environmental Quality Act (CEQA): This action does not constitute a “project” as it involves only organizational or administrative activities that will not result in direct or indirect physical changes in the environment and is therefore exempt according to CEQA guideline Section 15378 (b)(5).
End
Sustainability
Sustainability: Not applicable.
End
Commission/Committee Action
Commission/Committee Action: None.
End
RationaleforRecommendation
Rationale for Recommendation: Not applicable.
End
FinancialConsiderations
Financial Considerations: It is in the best interest of the AIFM Board to review the FY2024/25 SCERS Annual Financial Report to understand the structure, obligations, and liabilities of the City’s SCERS retirement program:
• SCERS is a defined benefit plan in which retirement benefits for members (applicable City employees) are based upon age, final compensation, and length of service. In 1977, with the passage of Measure E, SCERS became a closed system. Since that time, all of the City’s full-time and eligible part-time employees participate in the California Public Employees’ Retirement System (PERS) rather than SCERS.
• As of June 30, 2025, the SCERS plan had 710 participants (1 active) with an average age of 70.5 and an average of 48.3 years of service with the City.
• Assets for SCERS are held in trust. Trust monies are used to pay benefits to plan participants and their beneficiaries. The trust is managed pursuant to the City Charter under the direction of the AIFM Board.
The public accounting firm Macias Gini & O’Connell LLP audited the SCERS FY2024/25 financial statements and rendered its unmodified opinion that the financial statements are fairly presented in accordance with generally accepted accounting principles.
End
LocalBusinessEnterprise
Local Business Enterprise (LBE): Not applicable.
End