Action 14.
Regular Board of Supervisors Meeting
Finance
- Meeting Date:
- 06/21/2022
- Title:
- PSPRS 2.5m Payment
- 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?:
Not Mandated
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Docket Number (If applicable):
Information
Agenda Item Text:
Approve a $2,500,000 payment to the Public Safety Personnel Retirement System (PSPRS), from the General Fund Contingency.
Background:
In October 2021, the Board of Supervisors adopted a four year, $10.0m plan to pay down the PSPRS unfunded liabilities. The plan was to make $2.5m payments annually, for four years. The first payment was made in FY22, with the last scheduled in FY25. During FY23 budget preparation, there was concern regarding the decrease in expenditure limit. To mitigate spending over the expenditure limit, while meeting needs in FY23, the Board may make the FY23 $2.5m payment in FY22. This item will make the FY23 $2.5m payment in FY22.
The funds will come from the general fund contingency. The FY23 tentative budget will be presented with approx. $15.0m in contingency, which is reflective of this payment being made.
The funds will come from the general fund contingency. The FY23 tentative budget will be presented with approx. $15.0m in contingency, which is reflective of this payment being made.
Department's Next Steps (if approved):
Finance will make $2.5m payment to PSPRS.
Impact of NOT Approving/Alternatives:
Recommend delaying this payment in FY23, as making the payment would bring County close to overspending expenditure limit.
To BOS Staff: Document Disposition/Follow-Up:
Minutes to budget.
Fiscal Impact
- Fiscal Year:
- FY22
- One-time Fixed Costs? ($$$):
- 2,500,000
- Source of Funding?:
- 100-9900-9-491.100
Fiscal Impact & Funding Sources (if known):
2.5m from 100-9900-491.100
Attachments
No file(s) attached.