2/14/2014 8:56:57 AM
2/14/2014 8:56:56 AM
City of Seward Legislative Hist
Doc Type - Legislative History
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Sponsored by: Bunt <br /> L. CITY OF SEWARD, ALASKA <br /> RESOLUTION 2014-013 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, RETROACTIVELY AMENDING THE 2013 BUDGET TO <br /> RECORD EXPENDITURES OF 5325,900.14 PAID BY THE STATE OF <br /> ALASKA ON BEHALF OF THE CITY TOWARD THE CITY'S PUBLIC <br /> EMPLOYEES RETIREMENT SYSTEM LIABILITY FOR THE PERIOD <br /> JULY THROUGH DECEMBER, 2013 <br /> WHEREAS, in accordance with the 2012 Alaska State Legislature's passage of House <br /> Bill 284, the State of Alaska Department of Administration, Division of Retirement & Benefits <br /> ("DRB") contributed $363,319.84 on behalf of the City of Seward from January through June, <br /> 2013 and $325,900.14 from July through December, 2013, for a total contribution of <br /> $689,219.98 on the City of Seward's behalf, reflecting the 13.84% difference between the <br /> actuarially required contribution rate of 35.84% as adopted by the Alaska Retirement <br /> Management Board' and the 22% employer"capped" rate established by SB53; and <br /> WHEREAS, this July through December, 2013 contribution represents $184,394.28 <br /> toward pension costs and $141,505.86 toward healthcare costs, on behalf of the City; and <br /> j` WHEREAS, in accordance with generally accepted accounting principles, the City must <br /> record payments made on its behalf, and must therefore amend the 2013 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 /> The ARC reflects normal cost rate of 11.68% plus past service cost rate of 24.16%, and is further <br /> expressed as pension costs of 15.75%, healthcare costs of 20.09%, and DCR normal cost of 3.01%. <br />
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