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HomeMy WebLinkAboutReso - CC - 033-2018RESOLUTTON NO. 033-2018 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME APPROVING AN ADDITIONAL CONTRIBUTION TO THE PUBLIC AGENCIES POST. EMPLOYMENT (PENSION) BENEFIT TRUST ADMINISTERED BY PUBLIC AGENGY 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 City has reserved the right to make contributions, if any, to the Program; and NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME RESOLVES AND OROERS AS FOLLOWS: The Finance Director & Treasurer is authorized to transmit an additional $1 million contribution to the PARS Public Agencies Post-Employment Benefits Trust on behalf of the City of Burlingame. Mayor l, MEAGHAN HASSELL-SHEARER, City Clerk of the City of Burlingam , do hereby certify that the foregoing Resolution was adopted at a special meeting of the City Council held on the 14th day of March, 2018 and was adopted thereafter by the following vote: 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, based on the City's mid-year fiscal analysis, the General Fund shows a projected unassigned fund balance of approximately $12.5 million; and WHEREAS, in recognition of the City's large pension liabilities with the California Public Employees' Retirement System (CaIPERS), an additional deposit to the trust is appropriate to fund future employer's contributions as required by CaIPERS. AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE itv