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Sponsored by: Hunt <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2012 -011 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, RETROACTIVELY AMENDING THE 2011 BUDGET TO <br /> RECORD EXPENDITURES OF $540,733.73 PAID BY THE STATE OF <br /> ALASKA ON BEHALF OF THE CITY TOWARD THE CITY'S PUBLIC <br /> EMPLOYEES RETIREMENT SYSTEM LIABILITY <br /> WHEREAS, in accordance with the 2010 Alaska State Legislature's passage of House <br /> Bill 300, the State of Alaska Department of Administration, Division of Retirement & Benefits <br /> ( "DRB ") contributed $246,273.59 on behalf of the City of Seward from January through June, <br /> 2011, reflecting the 5.96% difference between the actuarially required contribution rate of <br /> 27.96% as adopted by the Alaska Retirement Management Board' and the 22% employer <br /> "capped" rate established by SB53; and <br /> WHEREAS, in accordance with the 2011 Alaska State Legislature's passage of House <br /> Bill 108, the State of Alaska DRB contributed $294,460.14 on behalf of the City of Seward from <br /> July through December, 2011, reflecting the 11.49% difference between the actuarially required <br /> contribution rate of 33.49% as adopted by the Alaska Retirement Management Board and the <br /> 22% employer "capped" rate; and <br /> WHEREAS, in accordance with generally accepted accounting principles, the City must <br /> record payments made on its behalf, and must therefore amend the 2011 Budget to account for <br /> both the expenditures paid on behalf of the City, and the corresponding revenues paid by the <br /> State of Alaska Department of Administration; and <br /> WHEREAS, failure to amend the budget to reflect the State's payments on- behalf of the <br /> City, will result in an imbalance between the actual and budgeted revenues and expenditures, <br /> giving the appearance of revenues and expenditures exceeding the annual budget as approved by <br /> the Seward City Council. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF SEWARD, ALASKA, that: <br /> 1 The ARC reflects normal cost rate of 9.33% plus past service cost rate of 18.63 %, and is further <br /> expressed as pension costs of 9.98% and healthcare costs of 17.98 %. <br /> 2 The ARC reflects normal cost rate of 8.28% plus past service cost rate of 22.48 %, and is further <br /> expressed as pension costs of 14.65% and healthcare costs of 16.11%. <br />