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HomeMy WebLinkAboutReso - CC - 105-2018APPROVING A CONTRIBUTION TO THE PUBLIC AGENCIES ST-EMP LOYME NT (PENSION) BENEFIT TRUSTADMINISTERED BY PUBLIC AGENCY RETIREMENT WHEREAS, effective September 1,20'17 the City Council adopted the PARS Public Agencies Post-Employment Benefits Trust, establishing the City's participation in the program for the purpose of pre-funding pension obligations; and WHEREAS, the tax-exempt trust performs an essential governmental function within the meaning of Section 115 of the lnternal Revenue Code, as amended, and the Regulations issued there under, and is a tax-exempt trust under the relevant statutory provisions of the State of California; and WHEREAS, the City has reserved the right to make contributions, if any, to the Program; and WHEREAS, based on the City's adopted budget for fiscal year 2018-19 for all funds, additional contributions are to be made to the trust from all operating funds that report a net pension liability; and WHEREAS, in recognition of the City's large pension liabilities with the California Public Employees' Retirement System (CaIPERS), deposits to the trust are appropriate to fund future employer's contributions as required by CaIPERS, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME RESOLVES AND ORDERS AS FOLLOWS: APPROVE and AUTHORIZE the Finance Director & Treasurer to transmit an additional $3,397,700 contribution to the PARS Public Agencies Post-Employment Benefits Trust on behalf of the City of Burlingame for the fiscal year ended June 30, 2019. Mayor I, MEAGHAN HASSELL-SHEARER, City Clerk of the City of Burlinga do hereby certify that the foregoing Resolution was adopted at a meeting of the City C ncil held on the 20th day of August, 2018, and was adopted thereafter by the following vote: RESOLUTTON NO. 105.2018 A RESOLUTION OF THE CITY COUNCIL OF THE CIry OF BURLINGAME SERVICES (PARS) AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE