HomeMy WebLinkAboutReso - CC - 080-2023RESOLUTION NO. 080-2023
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 CalPERS; and
WHEREAS, based on the City’s adopted budget for fiscal year 2023-24 for all funds,
additional contributions of $1,159,000 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 AS FOLLOWS:
APPROVE and AUTHORIZE the Finance Director & Treasurer to transmit an additional
$1,159,000 contribution to the PARS Public Agencies Post-Employment Benefits Trust on behalf
of the City of Burlingame for the fiscal year ending June 30, 2024.
_____________________________
Michael Brownrigg, Mayor
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 5th day
of June, 2023 and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, ORTIZ, STEVENSON
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
_____________________________
Meaghan Hassel-Shearer, City Clerk
DocuSign Envelope ID: F602E822-FD09-4630-ADA9-5E36EDC34B90