HomeMy WebLinkAbout2016-06-28; City Council; Resolution 2016-138EXHIBIT 15
1 RESOLUTION NO. 2016-138
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
3 CALIFORNIA ("CITY"),ESTABLISHING A GENERAL FUND PENSION
ASSIGNMENT OF $10,000,000
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WHEREAS,the City has a General Fund Reserve Policy for one-time expenditures
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6 that may arise due to unseen emergencies; and
7 WHEREAS,the California Public Employees Retirement System (CaIPERS)has
8 recently changed the methodology for setting the Annual Contribution Rate (ARC)for member
9 agencies; and
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WEREAS,this change will cause the ARC to be more volatile form year to year,as
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it moves with the CaIPERS investment portfolio return; and
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13 WHEREAS,the General Fund reserve,or unassigned balance,currently exceeds
14 the target levels set within Council Policy Number 74; and
15 WHEREAS,it is recommended that a General Fund assignment of $10,000,000 be
16 established to mitigate fluctuations in CaIPERS annual pension contribution rates.
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NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of Carlsbad,
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California,as follows:
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20 1.That the above recitations are true and correct.
21 2.That the City Council of the City of Carlsbad directs the Finance Director
22 to establish an assignment in the amount of $10,000,000 of the General Fund balance to
23 mitigate fluctuations in CaIPERS annual pension contribution rates.
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1 PASSED,APPROVED AND ADOPTED at a Joint Special Meeting of the Carlsbad
2 City Council,Carlsbad Municipal Water District Board of Directors,Carlsbad Public Financing
3 Authority Board of Directors,Community Development Commission,and City of Carlsbad as
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Successor Agency to the Redevelopment Agency, held on the 28th day of June,2016,by the
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following vote to wit:
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8 AYES:Hall, Wood, Schumacher, Blackburn, Packard.
9 NOES:None.
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ABSENT:None.
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14 o/Ve
MATT HAL ,Mayor
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16 ATTEST:
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BARBA CA ENGLESON, City Clerk
19 (SEAL)
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.......
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22 7,47
23 *a.
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