HomeMy WebLinkAbout5371_CCv0001.pdf RESOLUTION NO. 5371
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS REQUESTING
THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO EXTEND THE
FUNDING PERIOD FOR CURRENT SERVICE ACTUARIAL LIABILITIES FOR THE CITY
OF REDLANDS
WHEREAS, the City of Redlands is a contracting agency of the California Public Employees'
Retirement System; and
WHEREAS, the City of Redlands is currently faced with an unfunded liability for its safety
employees' current service actuarial liabilities in the amount of$2,351,906; and
WHEREAS, the City of Redlands is currently faced with a year 2000 funding deadline for its
unfunded liability, and has been informed by California Public Employees' Retirement System that
its 1997-98 employer contribution rate for safety employees will increase by 45% over the 1996-
97 rate, at an additional cost to the general fund of nearly $500,000 for 1997-98, and increasing
each subsequent year through 1999-2000; and
WHEREAS, the City of Redlands general fund is experiencing financial difficulties which have
been made public throughout the 1997-98 proposed budget workshops, and options to amortize
the unfunded pension liability have been discussed publicly as well; and
WHEREAS, the City of Redlands has been advised by the Actuarial and Employer Services
Division of the California Public Employees' Retirement System that the governing body may
request an extension of the funding period for the safety plan for current service actuarial
liabilities to June 30, 2011;
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Redlands,
California, that the governing body of the City of Redlands does request an extension of the
funding period for the safety plan for current service actuarial liabilities to June 30, 2011, and
further resolves to direct the City of Redlands Finance Director to forward a certified copy of this
resolution to the California Public Employees' Retirement System.
ADOP'T'ED, SIGNED AND APPROVED this 6`h day of May, 1997.
§wen Larson, Mayor of the City of Redlands
ATTEST:
orr' Povzer lerl:
1, Lorrie Poyzer, City Clerk of the City of Redlands, California, do hereby certify that the
foregoing resolution was duly adopted by the City Council at a regular meeting thereof held on
the 6th day of May, 1997, by the following vote:
AYES: Councilmembers Gilbreath, Cunningham, Gil, Banda;
Mayor Larson
NOES: None
ABSENT: None
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Resolution No. 5371
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