Crime & Safety

San Carlos to Get $125K in Settlement

The Belmont-San Carlos Fire JPA dissolves, and the two cities sort out asset allocation.

Belmont will pay San Carlos a fee of $125,306 to compensate the city for the difference in asset allocation as the two cities settle their JPA.  

Assets totaling more than $1.4 million including liabilities are to be split by the two cities using the JPAs funding formula, according to city records. The funding formula states San Carlos is to receive 52.9 percent of the assets with Belmont receiving 47.1 percent. The fee Belmont will pay San Carlos will make up the difference.

“Utilizing the JPAs funding formula,” city records say, “San Carlos’ interest is $786,440 and Belmont’s $700, 214. After applying the allocation plan that has been approved by both city managers, San Carlos will receive $661, 134 in net assets and Belmont will receive $825,519.”

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All post-employment benefits, CalPERS and retiree benefits will be sorted out separately, according to the city.


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