Desk Item
PREPARED BY: STEPHEN CONWAY
Finance Director
Reviewed by: Town Manager, Town Attorney, and Finance Director
110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 02/07/2017
ITEM NO: 7
DESK ITEM
DATE: FEBRUARY 7, 2017
TO: MAYOR AND TOWN COUNCIL
FROM: LAUREL PREVETTI, TOWN MANAGER
SUBJECT: ACCEPT THE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE
FISCAL YEAR ENDED JUNE 30, 2016 AS RECOMMENDED BY THE COUNCIL
FINANCE COMMITTEE
REMARKS:
Town staff has answered public inquiries regarding the allocation factors for the pooled safety
pension plan. The following response is also being provided to the Town Council.
CALPERS determines the Town’s proportionate share percentages used in determining the net
pension liability for the Town’s safety employees pooled pension plan for fiscal years ending
June 30, 2015 and 2016. The pool percentages are determined using a number of different
allocation factors that balance for the pool from year to year as a whole, and are impractical to
reconcile for each individual employer participating in the pool. Current accounting standards
do not specify such reconciliation be provided for pooled plans.