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Sponsored by: Hunt <br /> CITY OF SEWARD,ALASKA <br /> RESOLUTION 2014-093 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, AMENDING THE 2014 BUDGET TO RECORD <br /> EXPENDITURES OF $372,955.97 PAID BY THE STATE OF ALASKA ON <br /> BEHALF OF THE CITY TOWARD THE CITY'S PUBLIC EMPLOYEES <br /> RETIREMENT SYSTEM LIABILITY FOR THE PERIOD JANUARY <br /> THROUGH JUNE, 2014 <br /> WHEREAS, in accordance with the 2013 Alaska State Legislature's passage of House <br /> Bill 65, the State of Alaska Department of Administration, Division of Retirement & Benefits <br /> ("DRB") contributed $372,955.97 on behalf of the City of Seward from January through June, <br /> 2014 on the City of Seward's behalf, reflecting the 13.68% difference between the actuarially <br /> required contribution rate of 35.68% as adopted by the Alaska Retirement Management Board' <br /> and the 22% employer"capped" rate established by SB53; and <br /> WHEREAS, this contribution represents $211,014.00 toward pension costs and <br /> $161,941.97 toward healthcare costs, on behalf of the city; 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 2014 Budget to account for <br /> both the expenditures paid on behalf of the city, and the corresponding revenues paid by the State <br /> of Alaska Department of Administration; and <br /> WHEREAS, the city will further retroactively amend the 2014 Budget upon verification <br /> of the State payments made on behalf of the city for the period July through December, 2014; <br /> 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 /> fir.. 1 The ARC reflects normal cost rate of 11.49% plus past service cost rate of 24.19%, and is further <br /> expressed as pension costs of 16.47%, healthcare costs of 15.84%, and DCR normal cost of 3.37%. <br />