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Sponsored by: Hunt <br />CITY OF SEWARD, ALASKA <br />RESOLUTION 2017-007 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br />ALASKA, RETROACTIVELY AMENDING THE 2016 BUDGET TO <br />RECORD EXPENDITURES OF $155,298.22 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, 2016, 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 $155,298.22 on behalf of the City of Seward from January through June, <br />2016 on the City of Seward's behalf. The Alaska Retirement Management Board set the <br />actuarially required rate at 27.19%. The State's contribution was 5.19%, reflecting the difference <br />between the legislative on -behalf rate of 27.19% and the 22% employer "capped" rate; and <br />WHEREAS, this contribution represents $108,823.59 toward pension costs and <br />$46,474.63 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 2016 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, the City will further retroactively amend the 2016 Budget to reflect the <br />State payments made on behalf of the City for the period July through December, 2016; and <br />WHEREAS, failure to amend the budget to reflect the State's payments on -behalf of the <br />City, would 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 />Section 1. The 2016 Operating Budget shall be retroactively amended to appropriate <br />$155,298.22 as follows: 1) $105,841.94 from State PERS On -Behalf Grant Revenues account <br />01000-0000-4201 to General Fund/department expense accounts xxxxx-xxxx-6201 allocated on <br />a pro -rata basis, per the attached schedule; 2) State PERS On -Behalf Grant Revenue account <br />11000-2000-5920 totaling $15,517.80 for Harbor Fund; 3) account 15000-0000-5920 totaling <br />$23,819.56 for Electric Fund; 4) 17000-0000-5920 totaling $5,734.18 for Water Fund; and <br />18000-0000-5920 totaling $4,384.74 for Wastewater Fund. <br />