HomeMy WebLinkAbout115 - 10/15/1991 - APPROPRIATING PRIOR YEAR RESERVES IN THE GENERAL EMPLOYEES RETIREMENT FUND ORDINANCE NO.115, 1991
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES
IN THE GENERAL EMPLOYEES' RETIREMENT FUND
WHEREAS, Article V, Section 7, 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, in July of 1990, City Council adopted a change recommended by the
City's actuary that authorized the City to pay City employees who terminated
their employment with the City after June of 1990 and whose future retirement
benefit from the City's General Employee's Retirement Fund would be less than
$100 per month, their retirement benefit as a lump-sum when they leave City
employment; and
WHEREAS, the General Employees' Retirement Committee is recommending this
same offer be made to City employees who terminated their employment with the
City prior to July, 1990; and
WHEREAS, the potential recipients were notified by letter of this offer
and approximately 54 people accepted the offer, requiring $75,000 from prior
year reserves; and
WHEREAS, funds are available in the General Employees' Retirement Fund.
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 in
the General Fund the sum of Seventy-Five Thousand Dollars ($75,000) for the
lump-sum payment of retirement benefits to former City employees who terminated
their employment with the City prior to July, 1990, whose retirement benefit from
the City's General Employee's Retirement Fund is less than One Hundred Dollars
($100) per month.
Introduced, considered favorably on first reading, and ordered published
this 1st day of October, A.D. 1991, and to be presented for final passage on the
15th day of October, A.D. 1991.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 15th day of October, A.D. 1991 .
—Maayor
ATTEST:
ML
2
City Clerk