Action 8.
Regular Board of Supervisors Meeting
Finance
- Meeting Date:
- 11/30/2021
- Title:
- Payment to PSPRS pursuant to County PSPRS Policy
- Submitted By:
- Daniel Duchon, Finance
- Department:
- Finance
Presentation:
No A/V Presentation
Recommendation:
Approve
Document Signatures:
BOS Signature Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
2
NAME
of PRESENTER:
of PRESENTER:
Daniel S. Duchon
TITLE
of PRESENTER:
of PRESENTER:
Budget Manager
Mandated Function?:
Local Mandate or Policy
Source of Mandate
or Basis for Support?:
or Basis for Support?:
County PSPRS Policy, No. 1604
Docket Number (If applicable):
Information
Agenda Item Text:
Approve a payment of $285,929.56 to the Public Safety Personnel Retirement System (PSPRS), pursuant to the Cochise County PSPRS Policy.
Background:
The Cochise County PSPRS Policy (no. 1604) states the County shall make a supplemental contribution payment to PSPRS utilizing the savings from the prior year's Cochise County Sheriff's Office (CCSO) General Fund budget. In FY21, the CCSO General Fund budget had $285,929.56 remaining, or unspent. This amount will be applied as the supplemental contribution payment to PSPRS.
The funds will come from the General Fund Contingency (100-9900-9-491.00), as the exact amount was not available during the creation of the FY22 budget, and it takes several months for the prior fiscal year to close. The General Fund Contingency is currently $14,741,491, and $14,455,561 will remain after this payment. To note: approximately $1.9m is due to the General Fund contingency from ARPA reimbursements which are pending.
The funds will come from the General Fund Contingency (100-9900-9-491.00), as the exact amount was not available during the creation of the FY22 budget, and it takes several months for the prior fiscal year to close. The General Fund Contingency is currently $14,741,491, and $14,455,561 will remain after this payment. To note: approximately $1.9m is due to the General Fund contingency from ARPA reimbursements which are pending.
Department's Next Steps (if approved):
Finance will make the payment of $285,929.56 to PSPRS.
Impact of NOT Approving/Alternatives:
In violation of Cochise County Policy.
To BOS Staff: Document Disposition/Follow-Up:
Minutes to budget.
Fiscal Impact
- Fiscal Year:
- FY22
- One-time Fixed Costs? ($$$):
- 285,929.56
- Source of Funding?:
- Yes
Fiscal Impact & Funding Sources (if known):
Per County PSPRS Policy
Funded from GF Contingency 100-9900-9-491.100
Funded from GF Contingency 100-9900-9-491.100