HomeMy WebLinkAbout002 - 01/17/1978 - APPROPRIATING SURPLUS FUNDS FOR EXPENDITURE IN 1978 ORDINANCE NO. 2 , 1978
BEING AN ORDINANCE APPROPRIATING SURPLUS
FUNDS FOR EXPENDITURE IN 1978
WHEREAS, the City of Fort Collins maintains an employee
pension system for its general employees which is intended
to supplement social security; and
WHEREAS, an actuarial study has been conducted pertaining
to that pension system and the results of that study indicate
that the pension system is not adequately funded; and
WHEREAS, the actuarial study indicates that an annual
contribution in the amount of $118,000.00 in addition to the
regular contributions to the pension system would have to be
made for a period of twenty years in order to completely
fund the pension system, and
WHEREAS, the City Council has reviewed this matter and
desires to make a contribution to the pension system in the
amount of $118, 000.00 without in any way obligating the City
of Fort Collins to future contributions in any amount, and
WHEREAS, the City has on hand reserves accumulated in
prior years which have not been appropriated and which could
be used to make a contribution to the pension system pursuant
to Section 8 of Article V of the Charter of the City of Fort
Collins.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
CITY OF FORT COLLINS that the sum of $118 , 000 00 is hereby
appropriated from previously unappropriated surplus funds
consisting of reserves accumulated in prior years, which
amount shall be transferred to the EmDlovees ' Retirement
Account of the Trust Fund The Director o£ Finance is
directed to male such transfer and to add such amount to the
funds maintained to fund the City pension system hereinabove
referred to.
Introduced, considered favorably on first reading and
ordered published this 3rd day of January, A.D 1978, and to
ne presented for final passage on the 17th day of January ,
D 1978
ZCre'�-y/- L.W
F^DES^ ?,aycr
y iC I erk
Passed and adopted on final reading this 17th day of
January, A.D. 1978.
ATTEST: Mayor
i y ler `
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