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Sponsored by: Hunt <br /> CITY OF SEWARD,ALASKA <br /> RESOLUTION 2016-025 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, RETROACTIVELY AMENDING THE 2015 BUDGET TO <br /> RECORD EXPENDITURES OF $1,265,143.10 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 /> JANUARY THROUGH JUNE, 2015,AND APPROPRIATING FUNDS <br /> WHEREAS, in accordance with the 2014 Alaska State Legislature's passage of Senate <br /> Bill 119, the State of Alaska Department of Administration, Division of Retirement & Benefits <br /> ("DRB") contributed $1,265,143.10 on behalf of the City of Seward from January through June, <br /> 2015. The Alaska Retirement Management Board set the actuarially required rate at 44.03%'. <br /> The legislature providing funding in excess of the actuarially required rate, with the contribution <br /> reflecting the 42.41% difference between the legislative on-behalf rate of 42.41% and the 22% <br /> employer"capped"rate established by SB53; and <br /> WHEREAS, this contribution represents $1,265,143.10 toward pension costs and $0 <br /> 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 2015 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 2015 Budget to reflect the State <br /> payments made on behalf of the city for the period July through December, 2015; 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 11.00%plus past service cost rate of 33.03,and is further <br /> expressed as pension costs of 23.24%, healthcare costs of 16.61%, and DCR normal cost of 4.18%. <br />