HomeMy WebLinkAbout107 - 10/16/1990 - APPROPRIATING UNANTICIPATED REVENUE AND PRIOR YEAR RESERVES IN THE POLICE PENSION FUND AND AUTHORIZI ORDINANCE NO. 107, 1990
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE AND PRIOR YEAR
RESERVES IN THE POLICE PENSION FUND AND AUTHORIZING
THE TRANSFER OF APPROPRIATED AMOUNTS TO THE GENERAL FUND
WHEREAS, in September of 1988, pursuant to Resolution Number 88-145
the Police Officer's Pension Plan ("Plan") was amended to allow a
conversion from the Plan (a defined benefit plan) to a money purchase plan;
and
WHEREAS, in April of 1989, pursuant to Ordinance No. 69, 1989, the
Council appropriated moneys to fully fund the rollover into the Money
Purchase Plan and to purchase annuity contracts to meet the City's
obligation to those officers who retired under the former defined benefit
plan; and
WHEREAS, by such appropriation all liabilities of the Plan have been
eliminated, the Police Pension Fund and its balance are no longer
necessary; and
WHEREAS, the Plan was terminated as of December 31, 1989, by
Resolution 89-217 adopted on December 19, 1989; and
WHEREAS, the City has now received a determination letter from the
Internal Revenue Service concerning the termination, stating that it does
not adversely affect the Plan's qualification for Federal tax purposes; and
WHEREAS, in Article XV, Section 15.4 (a) , the Plan provides that, upon
termination of the Plan, the City may receive such amounts, if any, as may
remain after the satisfaction of all liabilities of the Plan to its
Employees and their beneficiaries, and arising out of any variations
between actual requirements and expected actuarial requirements; and
WHEREAS, the Police Pension Fund has approximately $1,300,000 from
prior year reserves and unanticipated revenue available for transfer to the
General Fund; and
WHEREAS, Article V, Section 8, of the Charter of the City of Fort
Collins authorizes the City Council to provide by ordinance for payment of
any expense from reserves accumulated in prior years, notwithstanding that
such reserves were not appropriated for expenditures in the annual
appropriation ordinance; and
WHEREAS, Article V, Section 15, of the Charter of the City of Fort
Collins permits the Council to appropriate unanticipated revenue at any
time during the year in which such revenue is received.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from prior year
reserves and unanticipated revenue in the Police Pension Fund the sum of
ONE MILLION THREE HUNDRED THOUSAND DOLLARS ($1,300,000) for transfer to the
General Fund undesignated reserves.
Introduced, considered favorably on first reading, and ordered
published this 2nd day of October A.D. 1990, and to be presented for final
passage on the 16th day of October, A.D. 1990.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 16th day of October, A.D.
1990.
Mayor
ATTEST-
City Clerk