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Sponsored by: Hunt <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2016-026 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, RETROACTIVELY AMENDING THE 2015 BUDGET TO <br /> RECORD EXPENDITURES OF $132,435.21 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, 2015, AND APPROPRIATING FUNDS <br /> WHEREAS, in accordance with the 2015 Alaska State Legislature's passage of House <br /> Bill 2001, the State of Alaska Department of Administration, Division of Retirement & Benefits <br /> ("DRB") contributed $132,435.21 on behalf of the City of Seward from July through December, <br /> 2015, reflecting the 5.19% difference between the actuarially required contribution rate of <br /> 27.19% as adopted by the Alaska Retirement Management Board' and the 22% employer <br /> "capped" rate established by SB53; and <br /> WHEREAS, this July through December, 2015 contribution represents $92,638.23 <br /> toward pension costs and $39,796.98 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, 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 10.66% plus past service cost rate of 16.53%, and is further <br /> expressed as pension costs of 14.43%, healthcare costs of 8.15%, and DCR normal cost of 4.61%. <br />