Action 16.
Regular Board of Supervisors Meeting
Board of Supervisors
- Meeting Date:
- 10/26/2021
- Title:
- PSPRS 4 Year Funding Plan
- Submitted By:
- Daniel Duchon, Finance
- Department:
- Finance
Presentation:
PowerPoint
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?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Docket Number (If applicable):
Information
Agenda Item Text:
Approve the transfer of $5,700,000 from the General Fund Contingency Reserve, and $3,008,509 from the General Fund Contingency to the Public Safety Personnel Retirement System (PSPRS) payment line to fund the four-year PSPRS plan.
Background:
Current PSPRS unfunded liability is approximately 36.8m. Current annual payment is approximately 2.8m. FY22 General Fund budget for PSPRS is the 2.8m annual minimum payment and approximately 1.3m in additional payments from FY21 sales tax windfall. Board direction is to fund 2.5m in additional payments each year for the next four years, totaling 10.0m.
This transfer will move out budget appropriation from General Fund Contingency and General Fund Contingency-Reserve to fund the plan. This transfer will move out $3,008,509 from General Fund Contingency, leaving approximately 14.9m (depending on other transfers scheduled for the 9/28/2021 BOS meeting). This transfer will move out 5.7m from the General Fund Contingency-Reserve line, fully clearing out that line.
Currently, the General Fund Contingency is 17.9m, and the General Fund Contingency-Reserve is 5.7m.
Four-year plan, first year is FY22, then FY23, FY24, with FY25 being the fourth and final year.
When the above listed transfers are complete, there will be 10.0m in a single line-item for the PSPRS four-year plan (100-9900-9-402.400).
This transfer will move out budget appropriation from General Fund Contingency and General Fund Contingency-Reserve to fund the plan. This transfer will move out $3,008,509 from General Fund Contingency, leaving approximately 14.9m (depending on other transfers scheduled for the 9/28/2021 BOS meeting). This transfer will move out 5.7m from the General Fund Contingency-Reserve line, fully clearing out that line.
Currently, the General Fund Contingency is 17.9m, and the General Fund Contingency-Reserve is 5.7m.
Four-year plan, first year is FY22, then FY23, FY24, with FY25 being the fourth and final year.
When the above listed transfers are complete, there will be 10.0m in a single line-item for the PSPRS four-year plan (100-9900-9-402.400).
Department's Next Steps (if approved):
Budget will process budget amendment and finance will make the first payment of 2.5m.
Impact of NOT Approving/Alternatives:
Continued growth in PSPRS unfunded liability.
To BOS Staff: Document Disposition/Follow-Up:
Minutes to budget.
Fiscal Impact
- Fiscal Year:
- FY22
- One-time Fixed Costs? ($$$):
- 10,000,000
- Source of Funding?:
- Yes
Fiscal Impact & Funding Sources (if known):
Four 2.5m payments, totaling 10.0m.