KPPPA reports FY2026 administrative spending came in under budget by about $4.2M

Mike Lamb presented the fiscal‑year 2026 administrative budget summary and told trustees that KPPPA spent 91.58%—about $45.9 million—of the $50.1 million budget, coming in under budget by roughly $4.2 million. He said this year’s expenses were about 4% ($1.8–$1.9 million) higher than the prior fiscal year, mainly because of higher personnel costs.

Lamb noted that no major category was over budget at the category level, though some individual line items exceeded allocations. The employer‑paid health insurance line was singled out as the largest single overage—about $437,000. Administrative expenses are allocated to the five pension plans and the agency makes plan‑specific adjustments at year‑end (for items such as general counsel and CEO salary allocations).

Board members had no follow‑up questions at the end of the staff presentation; the item moved on to the audit committee report after a brief pause.

The presentation provided trustees with a topline view of operations and staffing‑driven cost pressure as KPPPA implements ongoing administrative projects.