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Home My WebLink AboutRES CC 2025 4313 2025 0507 RESOLUTION NO. 2025-4313 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, AMENDING THE FISCAL YEAR 2024/25 OPERATING BUDGET TO INCREASE APPROPRIATION IN THE AMOUNT OF $3,500,000 TO PAY DOWN THE CITY'S CALIFORNIA EMPLOYEES RETIREMENT SYSTEM (CALPERS) PENSION PLAN UNFUNDED ACCRUED LIABILITY WHEREAS, on June 19, 2024, the City Council adopted the Operating and Capital Improvement Budget for Fiscal Year (FY) 2024/25; and WHEREAS, on February 16, 2022, the City Council adopted Council Policy Resolution No. 2022-4076 which established the following priorities for allocating any remaining General Fund unassigned fund balance under Policy 5.2, Fund Balance Reserve section: (1) Increase the fund balance of the Emergency/Contingency Reserve to 20% of the subsequent fiscal year's adopted budget expenditures; (2) If needed, to reserve or replenish General Fund Economic Uncertainty to $1 million; (3) If needed, to reserve or replenish General Fund unassigned fund balance to $1 million, (4) To pay down UALs, if any, with respect to the City's pension plans in an effort to maintain a minimum of 95% funding; (5) To pay down UALs, if any, with respect to the City's Other Post-Employment Benefits (OPEB) plan in an effort to maintain a minimum of 95% funding. WHEREAS, on May 16, 2022, the City Council rescinded Resolution No. 2022- 4076 and adopted City Council Policy Resolution No. 2022-4097. The Policy 5.2, Fund Balance Reserve, remains unchanged from the prior resolution; and WHEREAS, a General Fund surplus of$2,900,000 from FY 2023/24 has been set aside to pay down California Public Employees Retirement System (CaIPERS) unfunded accrued liability in accordance with City Council Policy Resolution No. 2022-4097; and WHEREAS, a staff report has been presented to the Council providing the cost to pay down the City's pension plans' unfunded accrued liability by $3,500,000; and WHEREAS, Exhibit "A" hereof describes said budget amendments and the resultant impact to the budget line items. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: Resolution No. 2025-4313 Page 2 SECTION 1. A budget amendment appropriating in the aggregate increase of $3,500,000 for FY 2024/25, more particularly described in Exhibit "A" attached hereto, is hereby approved. SECTION 2. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be filed in the book of original resolutions. PASSED AND ADOPTED this 7th day of May, 2025. Chris R. Eneg 'n, Mayor ATTEST: .ti:ar•,� 4,144111 Ky Spa er, i[ 111 -AI� 00 br Attachment: Exhibit "A" — Budget Amendment •Aao,-4 TEb ��• Resolution No. 2025-4313 Page 3 EXHIBIT A BUDGET AMENDMENT FOR APPROPRIATION TO PAY DOWN THE CITY'S CALIFORNIA EMPLOYEES RETIREMENT SYSTEMS(CALPERS) PENSION PLAN UNFUNDED ACCRUED LIABILITY FY 2024/2025 FUND BALANCE ALLOCATION: Fund Title Unassigned Fund BaI Revision Amended Balance GENERAL FUND(1000) $ 5,047,289.83 $ (3,292,350.00) $ 1,754,939.83 LIBRARY OPERATING FUND(1010) 2,090,765.75 (11.000.00) 2.079.765.75 TRAFFIC SAFETY FUND(2000) 8.928.67 (5,500.00) 3,428.67 TRAFFIC SYSTM MGMT FUND(2001) 1,496,146.47 r (2,800.00) 1,493,346.47 ART IN PUBLIC PLACES(2007) 3,861,361.97 (5,750.00) 3,855,611.97 CITY AFFORDABLE HOUSING(2121) 3,336,701.84 (15,550.00) 3,321,151.84 COMMUNITY DEVELOPMENT(2200) 117,921.96 (60,200.00) 57,721.96 ENGINEERING/PW FUND(2205) 90,930.00 (12,250.00) 78,680.00 AD 84-2 CITYWIDE LLMD(2300) (205,763.87) (1,200.00) (206,963.87) 84-2 PECAN AVE T2851 (2301) (18,269 00) (200.00) (18,469.00) 84-2 STEEPLE HILL T2865(2302) 74,330.80 (450.00) 73.880.80 84-2 WILLIAMS RANCH T3274(2304) 478.38 (50.00) 428.38 84-2 PHEASANT T3019/3525(2305) (74,963.00) (600.00) (75,563.00) 84-2 LA AVE&GABBERT RD(2307) 11,758.52 (100.00) 11,658.52 84-2 HOMES ACRES BUFFER(2308) (17,626.00) (200.00) (17.826.00) 84-2 CONDOR DRIVE(2309) (6,696.00) (50.00) (6,746.00) 84-2 MTN MEADOWS PC3(2310) 29,971.58 (2,500.00) 27,471.58 84-2 CARLSBERG(2312) 606,508.90 (1,500.00) 605,008.90 SILVER OAK LN(2314) (4.293.00) (50.00) (4,343.00) COUNTRY CLUB ESTATES(2315) 1,024,507.09 (1.450.00) 1,023,057.09 MOUNTAIN VIEW(2316) _ 20,396.76 (50.00) 20,346.76 MOONSONG CT(2318) 74,286 13 (50.00) 74,236.13 CAMPUS PLAZA(2319) 79,879.13 (50.00) _ 79,829.13 MERIDIAN HILLS(2320) 621,997.81 (3,600.00) 618,397.81 MOORPARK HIGHLANDS(2322) 1,310,480.91 (5,750.00) 1,304,730.91 PARK MAINTENANCE DISTRICT(2390) (12.508.41) (22,050.00) (34,558.41) SOLID WASTE AB939(2410) 1,547,590.38 (16.350.00) 1,531,240.38 LOCAL TDA ARTICLE 8A(2412) 277,626.76 (13,400.00) 264.226.76 LOCAL TDA ARTICLE 8C(2414) 100,074.08 (7,300.00) 92,774.08 GAS TAX(2415) 343,817 32 (17.650.00) 326,167.32 Total ' $ 21,833,631.76 $ (3,500,000.00)_$ 18.333.631.76 EXPENDITURE APPROPRIATION: Account Number Current Budget Revision Amended Budget 1000-111-00000-50300 $ 4,574.00 $ 350.00 $ 4,924.00 1000-120-00000-50300 86.774 00 36.100.00 122,874.00 1000-131-00000-50300 24,379.00 10,900.00 , 35,279.00 1000-132-00000-50300 81.314.00 31.900.00 113,214.00 1000-133-00000-50300 53,064.00 23,900.00 76,964.00 1000-134-00000-50300 41,034.00 18,500.00 59,534.00 1000-151-00000-50300 93,647.00 3,049,800.00 3,143,447.00 Resolution No. 2025-4313 Page 4 Account Number Current Budget Revision Amended Budget 1000-160-00000-50300 14,574.00 4,750.00 19,324.00 1000-171-00000-50300 23,986.00 18,200.00 42,186.00 1000-212-00000-50300 9,679.00 3,200.00 12,879.00 1000-213-00000-50300 4,490.00 2,050.00 6.540.00 1000-231-00000-50300 1,695.00 1,500.00 3,195.00 1000-310-00000-50300 9,263.00 5,600.00 14,863.00 1000-411-00000-50300 30,750.00 15,250.00 46,000.00 1000-441-00000-50300 16,701.00 7,150.00 23,851.00 1000-441-P0001-50300 16,362.00 6,850.00 23,212.00 1000-510-00000-50300 14,771.00 5,650.00 20,421.00 1000-521-00000-50300 68,438.00 37,550.00 105,988.00 1000-611-00000-50300 8,764.00 7,750.00 16,514.00 1000-621-00000-50300 12,041.00 5,400 00 17,441.00 1010-530-00000-50300 32,696.00 11.000.00 43,696.00 2000-213-00000-50300 3,438.00 1,100.00 4,538.00 2000-214-00000-50300 9,336.00 4,400.00 13,736.00 2001-172-00000-50300 8,536.00 2.800.00 11.336.00 2007-510-00000-50300 16,806.00 5,750.00 22,556.00 2121-222-00000-50300 5,386.00 1.750.00 7,136.00 2121-422-00000-50300 27,174.00 13.800.00 40,974.00 2200-160-00000-50300 29,132.00 11,300.00 40,432.00 2200-161-00000-50300 77,285.00 40,650.00 117,935.00 2200-222-00000-50300 23,833.00 8.250.00 32,083.00 2205-223-00000-50300 13,559.00 12,250.00 25.809.00 2300-542-P0004-50300 2,339.00 1.200.00 3,539.00 2301-542-P0004-50300 347.00 200.00 547.00 2302-231-P0007-50300 99.00 50.00 149.00 2302-542-P0004-50300 818.00 400.00 1,218.00 2304-542-P0004-50300 125.00 50.00 175.00 2305-231-P0007-50300 99.00 50.00 149.00 2305-542-P0004-50300 1,107.00 550.00 1.657.00 2307-542-P0004-50300 201.00 100.00 301.00 2308-542-P0004-50300 347.00 200.00 547.00 2309-542-P0004-50300 97.00 50.00 147.00 2310-231-P0007-50300 1,193.00 400.00 1.593.00 2310-542-P0004-50300 4,189.00 2,100.00 6.289.00 2312-542-P0004-50300 3,007.00 1,500.00 4,507.00 2314-542-P0004-50300 73.00 50.00 123.00 2315-542-L0076-50300 2,266.00 1,150.00 3,416.00 2315-542-L0077-50300 617.00 300.00 917.00 2316-542-P0004-50300 97.00 50.00 147.00 2318-542-P0004-50300 125.00 50.00 175.00 2319-542-P0004-50300 69.00 50.00 119.00 2320-542-P0004-50300 7,072.00 3,600.00 10.672.00 2322-542-P0004-50300 11,339.00 5.750.00 17,089.00 2390-541-00000-50300 50.388.00 22,050.00 72,438.00 2410-445-P0002-50300 39,794.00 16.100.00 55,894.00 2410-445-P0003-50300 289.00 250.00 539.00 2412-311-00000-50300 28,229.00 13,400.00 41,629.00 2414-430-00000-50300 8.195.00 7,300.00 15,495.00 2415-311-00000-50300 36,037.00 17,650.00 53,687.00 Total $ 1.062.039.00 $ 3.500.000.00 $ 4,562.039.00 Resolution No. 2025-4313 Page 5 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) CERTIFICATION I, Ky Spangler, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2025-4313 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 7th day of May, 2025, and that the same was adopted by the following vote: AYES: Councilmembers Barrett, Castro, Delgado and Means and Mayor Enegren NOES: None ABSENT: None ABSTAIN: None WITNESS my hand and the official seal of said City this 12th day of May, 2025. V(- Ky Spa er, City erk (seal) O0Q`QPp�4< 44/IW V°.0 _oirritilw. ' lir'�� ,\'gym o „