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Sponsored by: Hunt <br /> CITY OF SEWARD, ALASKA <br /> RESOLUTION 2018-016 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD, <br /> ALASKA, RETROACTIVELY AMENDING THE 2017 BUDGET TO <br /> RECORD EXPENDITURES OF $77,780.02 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, 2017, AND APPROPRIATING FUNDS <br /> WHEREAS, in accordance with the 2017 Alaska State Legislature's passage of House <br /> Bill 57, the State of Alaska Department of Administration, Division of Retirement & Benefits <br /> ("DRB") contributed $77,780.02 on behalf of the City of Seward from July through December, <br /> 2017 on the City of Seward's behalf. The Alaska Retirement Management Board set the <br /> actuarially required rate at 25.01% for the State's fiscal year 2018. The State's contribution was <br /> 3.01%, reflecting the difference between the legislative on-behalf rate of 25.01% and the 22% <br /> employer"capped" rate; and <br /> WHEREAS, this contribution represents $77,780.02 toward pension costs and $0 toward <br /> 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 2017 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 /> Section 1. The 2017 Operating Budget shall be retroactively amended to appropriate <br /> $77,780.02 as follows: 1) $56,050.57 from State PERS On-Behalf Grant Revenues account <br /> 01000-0000-4201 to General Fund/department expense accounts 01000-1 xxx-6201 allocated on <br /> a pro-rata basis; 2) State PERS On-Behalf Grant Revenue account 11000-2000-5920 totaling <br /> $7,846.84 for Harbor Fund; 3) account 15000-0000-5920 totaling $8,733.81 for Electric Fund; 4) <br /> 17000-0000-5920 totaling $3,040.42 for Water Fund; and 18000-0000-5920 totaling $2,108.38 <br /> for Wastewater Fund. <br /> Section 2. This resolution shall take effect immediately upon adoption. <br />