HomeMy WebLinkAboutRES CC 2011 3004 2011 0216RESOLUTION NO. 2011 -3004
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FISCAL YEAR
2010/11 BUDGET TO APPROVE APPROPRIATIONS
REQUIRED TO FUND THE PAYOFF OF THE CITY'S
OUTSTANDING CALPERS SIDE FUND LIABILITY AS
DEFINED HEREIN
WHEREAS, the City of Moorpark contracts with California Public Employees'
Retirement System (CaIPERS) to provide a defined benefit retirement plan (2% @ age 55
based on the three -year average salary) for all full -time employees. In 2003, CaIPERS
required all government agencies, with less than 100 active employees, to join a "risk
pool ". At the time of joining, the City's actuarial assets were less than the actuarial
liabilities by $1,014,000. A side fund was created to account for this unfunded liability and
this was amortized over seventeen years. The City started paying down the side fund in
FY 2005/06; and
WHEREAS, on June 16, 2010, the City Council adopted the Operating and Capital
Improvement Projects Budget for fiscal year 2010/11, which included $ 908,323 for
retirement contributions; and
WHEREAS, on September 23, 2010, a staff report was presented to the Finance,
Administration and Public Safety Committee (FAPS Committee) summarizing the status of
the side fund and providing an estimated annual savings of $143,000 to the City's
Operating Budget, if the outstanding amount was paid off. The FAPS Committee
supported staffs recommendation to proceed with the pay off; and
WHEREAS, a staff report has been presented to the City Council recommending
the full payment of the outstanding balance of the side fund $1,348,849 as calculated by
CaIPERS on January 13, 2011; and
WHEREAS, the same staff report is requesting an aggregate appropriation
increase of $1,348,849 from the General Fund (1000); and
WHEREAS, Exhibit "A ", attached hereto and made a part hereof, describes said
budget amendment and its resultant impact to the budget line item.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES
HEREBY RESOLVE AS FOLLOWS:
Resolution No. 2011 -3004
Page 2
SECTION 1. That a Budget Amendment in the aggregate increase of
$1,348,849, as more particularly described in Exhibit "A ", 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 16th day of February, 2011.
ATTEST:
Maureen Benson, City Clerk
Attachment: Exhibit 'A' Budget Appropriation
Ja ice S. Parvin, Mayor
Resolution No. 2011 -3004
Page 3
Budget Amendment to
General Fund
for CalPERS Side Fund Pay Off
FY 2010/11
A. Fund Allocation
Exhibit A
Fund
Account
Amount
1000 General Fund
1000 -5500
$ 1,352,318
$1,352,318
$1,352,318_
Totall
$1,352,318
B. Distribution of Appropriation to Expenditure Accounts
Account Number
Current Budget
Revision
Amended
Budget
1000- 5110- 0000 -9013
$0
$1,352,318
$1,352,318_
$0
$1,352,318
$1,352,318
Resolution No. 2011 -3004
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, City Clerk of the City of Moorpark, California, do hereby
certify under penalty of perjury that the foregoing Resolution No. 2011 -3004 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the
16th day of February, 2011, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Millhouse, Pollock, Van Dam, and Mayor Parvin
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this 2nd day of March, 2011.
Maureen Benson, City Clerk
(seal)