Desk Itemp < MEETING DATE: 06/16/14
ITEM NO: 6
MI 1
DESK ITEM
DATE: JUNE 16, 2014
TO: MAYOR AND TOWN COUNCIL
FROM: GREG LARSON, TOWN MANAGER
SUBJECT: PUBLIC EMPLOYEES RETIRMENT SYSTEM SIDE FUND PAYOFF
A. AUTHORIZE RETIREMENT OF CALIFORNIA PUBLIC EMPLOYEES
RETIREMENT SYSTEM (CALPERS) SIDE FUND IN THE AMOUNT
OF $4,534,538
B. AUTHORIZE BUDGET ADJUSTMENT IN THE AMOUNT OF
$4,534,538 TO THE GENERAL FUND NON - DEPARTMENTAL
PROGRAM (1201) UTILIZING GENERAL FUND RESERVE FOR
BUDGET STABILIZATION ($2.OM), EXPECTED FY 13/14 GENERAL
FUND REVENUES ABOVE EXPENDITURES ($I.IM), WITH SHORT
TERM USE OF INTERFUND LOAN FROM TOWN'S COMPENSATED
ABSENCES FUND TO BE REPAID WITH EXCESS REVENUES
FROM FINAL FY 13/14 FINANCIAL CLOSE, AND PARTIAL
UTILIZATION OF THE $2.8M PERS SURPLUS GENERAL FUND
DEPOSIT ACCOUNT ( RECOMMENDED AMOUNT $1.4M) .
REMARKS:
A recent Council inquiry focused on confirming from staff the current balance of the General
Fund Reserve for Budget Stabilization (the current balance as of June 16, 2014 is approximately
$6.7 million) and, secondly, what was the required balance to be maintained under the Town's
reserve policy (based upon the FY 2014/15 approved budget the required General Fund Budget
Stablization must be maintained at approximately $4.5 million).
r
PREPARED BY: Stephen
Finance and Ad inistrative Services Director /Town Treasurer
Reviewed by: Assistant Town Manager wn Attorney `Q Finance
NABUDGET\BUD 14- 15TnasentatiomDesk Item PERS Side Fund Payoff doe Updated: 6/16/14