HomeMy WebLinkAboutReso - CC - 067-2022DocuSign Envelope ID: 6BB48008-4C40-4D7A-9B8F-F98764F10B06
RESOLUTION NO. 067-2022
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 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, 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; and
WHEREAS, based on the City's adopted budget for FY 2022-23 for all funds,
additional contributions of $1,585,000 are to be made to the trust from all operating funds
that report a net pension liability.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME
RESOLVES AND ORDERS THAT IT:
APPROVES and AUTHORIZES the Finance Director & Treasurer to transmit an
additional $1,585,000 contribution to the PARS Public Agencies Post -Employment
Benefits Trust on behalf of the City of Burlingame for the fiscal year ending June 30, 2023.
Ricardo Ortiz, Mayor
DocuSign Envelope ID: 6BB48008-4C40-4D7A-9B8F-F98764F10B06
I, MEAGHAN HASSELL-SHEARER, City Clerk of the City of Burlingame, do hereby
certify that the foregoing Resolution was adopted at a special meeting of the City Council
held on the 6t" day of June, 2022 and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, O'BRIEN KEIGHRAN, ORTIZ
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
Meaghan Hassel -Shearer, City Clerk