CITY OF HOMER

HOMER, ALASKA

                                                                                                   Mayor, City Council

RESOLUTION 07-32

 

A RESOLUTION OF THE CITY COUNCIL OF HOMER, ALASKA REQUESTING THAT FISCAL YEAR 2007 PUBLIC EMPLOYEES RETIREMENT SYSTEM (PERS) RELIEF FUNDING (SB 231) IN THE AMOUNT OF $248,456, BE USED TO REDUCE AND OFFSET THE CITY’S FY 2007 DEFINED BENEFIT CONTRIBUTION AMOUNT.

 

            WHEREAS, SB 231 provided the City with PERS relief funding for FY 2007 in the amount of $248,456; and

 

            WHEREAS, The funding can be used either to offset the City’s FY 2007 defined benefit employer contribution or moved directly into the employer asset account to reduce the City’s PERS unfunded liability; and

 

            WHEREAS, Ordinance 06-55, adopted by the City Council last year, stipulates that PERS assistance funding provided by the State shall be used to reduce and offset the City’s employer contribution rate and that the budgeted General Fund savings shall be reappropriated into a separate investment account to be applied to the PERS unfunded liability at the appropriate time.

 

            NOW THEREFORE BE IT RESOLVED, that the Homer City Council hereby formally requests that Department of Administration designate the City’s FY 2007 PERS relief funding as an offset to the City’s 2007 employer contribution; and

 

            BE IT FURTHER RESOLVED, that the City Council hereby authorizes the City administration to make the appropriate PERS payroll contribution adjustments and to place the General Fund savings in the amount of $248,456 in the City of Homer PERS Unfunded Liability Account authorized by Ordinance 06-55.

 

            PASSED AND ADOPTED by the Homer City Council this 26th day of February, 2007.

 

                                                                        CITY OF HOMER

 

 

                                                                        _____________________________

                                                                        JAMES C. HORNADAY, MAYOR

ATTEST:

 

 

______________________________

JO JOHNSON, CMC, CITY CLERK

 

 

Fiscal Note:  No Net Fiscal Impact to G. F / Contribution of $248,456 in City PERS Acct.