2014/04/22 City Council Resolution 2014-037RESOLUTION NO. 2014 -037
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
APPROVING BUDGET ADJUSTMENTS FOR FISCAL YEAR 2013/2014 TO PROVIDE
RETIREE MEDICAL FUNDING TO THE Ca1PERS' CALIFORNIA EMPLOYER'S
RETIREE BENEFIT TRUST
WHEREAS, the City of Rohnert Park on May 24, 2011, entered into an agreement with
Ca1PERS to prefund a portion of retiree medical costs using the California Employer's Retiree
Benefit Trust ( CERBT); and
WHEREAS, the purpose of the CERBT program is to reduce future retiree medical costs by
depositing funds into an account that earns at a greater rate than the City's treasury; and
WHEREAS, the general fund pays retiree medical costs on a "pay go" basis, in addition to
funding CERBT, and the enterprise funds reimburse the general fund for their share of costs; and
WHEREAS, the enterprise funds owe the general fund $620,000, as determined by Finance
Department staff using an actuarial valuation; with $396,000 due from the water and $224,000 due
from the sewer fund; and
WHEREAS, the FY 13 -14 adopted budget, as currently amended, requires additional
appropriation to affect the reimbursements between funds and payment to the CERBT; and
WHEREAS, the City desires to save future retiree medical costs by making additional
payments into the CalPERS CERBT program in an amount equal to the reimbursements;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Rohnert
Park that it adopts the Budget Amendments as indicated in the attached document, a copy of which
is attached as Exhibit A.
DULY AND REGULARLY ADOPTED this 22"' day of April, 2014.
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ATTEST:
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Carrie Willis, Deputy City Clerk
Attachment A: Budget Amendment Detail
Callinan, Mayor
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Exhibit A to Rohnert Park City Council Resolution NO. 2014- 037
Fund:
Action and Purpose:
Amount:
Sources and Uses of Funds:
Water Enterprise
Operating Transfer Out
(396,000)
Water Fund Balance
Reimburse General Fund
Sewer Enterprise
Operating Transfer Out
(224,000)
Sewer Fund Balance
Reimburse General Fund
General Fund
Operating Transfer In
620,000
Unanticipated Revenue
Accept Reimbursement
General Fund
Payment to CalPERS CERBT
(620,000)
Appropriations Increase
Pre -fund Retiree Medical