HomeMy WebLinkAboutReso - CC - 075-2019RESOLUTION NO. 75-2019
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING A CONTRIBUTION TO THE PUBLIC AGENCIES POST -EMPLOYMENT
(PENSION) BENEFIT TRUST ADMINISTERED BY PUBLIC AGENCY RETIREMENT
SERVICES (PARS)
WHEREAS, effective September 1, 2017, 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 Internal Revenue Code, as amended, and the
Regulations issued thereunder, 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, in recognition of the City's large pension liabilities with the California
Public Employees' Retirement System (CalPERS), deposits to the trust are appropriate
to fund future employer's contributions as required by CaIPERS; and
WHEREAS, based on the City's adopted budget for FY 2019-20 for all funds,
additional contributions of $2,579,000 are to be made to the trust from all operating funds
that report a net pension liability; and
WHEREAS, in recognition of similarly large pension liabilities of the Central County
Fire Department (CCFD), which serves as the City's Fire Department through a Joint
Powers Agreement between the City of Burlingame and the Town of Hillsborough,
deposits to the trust are appropriate to fund its future employer's contributions as required
by CalPERS; and
WHEREAS, based on the City's adopted budget for FY 2019-20, an additional
General Fund contribution of $800,000 is to be made to the trust to fund future CCFD
employer's contributions as required by CalPERS.
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
$3,379,000 contribution to the PARS Public Agencies Post -Employment Benefits Trust
on behalf of the City of Burlingame for the fiscal year ended June 30, 2020.
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Mayor
I, MEAGHAN HASSELL-SHEARER, City Clerk of the City of Burlingame, certify that the
foregoing Resolution was adopted at a special meeting of the City Council held on the
17th day of June, 2019 and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
City Cle