The Marin County Board of Supervisors convened on March 5, 2025, to discuss the allocation of an unassigned year-end fund balance, focusing on a proposed contribution to the affordable housing trust. The meeting began with Josh Wedberg presenting the financial overview, highlighting the identification of $2.4 million in unassigned revenues within the general fund as part of the Department of Finance's comprehensive annual financial review.

Wedberg emphasized that this allocation aligns with the board's established practice of dedicating one-time revenues to one-time purposes. He noted that the affordable housing trust currently holds a non-committed fund balance of approximately $7.7 million. The proposed allocation aims to bolster this fund, although it does not earmark the money for specific projects at this time.

Supervisor Lukin expressed support for the allocation and requested an update on the county's long-term financial obligations, particularly regarding Other Post-Employment Benefits (OPEB) and pension liabilities. Wedberg responded that the county's pension liabilities are approximately 94% funded, with ongoing efforts to improve the OPEB funding ratio, which currently stands at about 58%. He explained that a fiscal policy approved by the board in 2021 directs savings from pension costs towards OPEB until it reaches an 85% funding level.

Lukin acknowledged the importance of the proposed $2.4 million contribution, noting that while it may not fully address the county's housing needs, it represents a crucial step in leveraging funds for future projects. The discussion concluded with an invitation for public comment on the allocation, signaling the board's commitment to transparency and community engagement in financial decisions.

Overall, the meeting underscored the county's ongoing efforts to manage its financial obligations while addressing pressing housing needs, with the affordable housing trust poised to benefit from the proposed allocation.