HomeMy WebLinkAbout159 - 12/20/2005 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES RETIREMENT FUND ORDINANCE NO. 159, 2005
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
GENERAL EMPLOYEES' RETIREMENT FUND
WHEREAS, Article V, Section 9 of the Charter of the City of Fort Collins (the
"Charter") permits the City Council to appropriate by ordinance at any time during the fiscal
year such funds for expenditure as may be available from reserves accumulated in prior years,
notwithstanding that such reserves were not previously appropriated; and
WHEREAS, the City has prior year reserves in the Fort Collins General Employees'
Retirement Plan; and
WHEREAS, the City Council unanimously approved Resolution 98-86 amending the
City of Fort Collins General Employees Retirement Plan to allow for a single-sum benefit for
vested former employees of the City; and
WHEREAS, the City Council unanimously approved Resolution 98-137 approving the
amendment of the eligibility and contribution provisions of certain employee pension plans; and
WHEREAS, it is necessary to appropriate funds to accommodate an additional $350,000
in single-sum benefit payment requests received during the current fiscal year; and
WHEREAS, the General Employees' Retirement Fund has Plan Assets of approximately
$36.6 million available for appropriation.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS that there is hereby appropriated from prior year reserves in the General
Employees' Retirement Fund, the sum of THREE HUNDRED FIFTY THOUSAND DOLLARS
($350,000) to be used for single-sum benefit payments.
Introduced and considered favorably on first reading and ordered published this 29th day
of November, A.D. 2005, and to be presented for final passage on the 20th day of December,
A.D. 2005.
Mayor
AT 'EST:
City Clerk
Passed and adopted on final reading this 20th day cember, A.D. 2005.
Mayo
TTEST:
City Clerk