HomeMy WebLinkAbout048 - 04/21/1992 - APPROPRIATING PRIOR YEAR RESERVES IN THE FIRE FIGHTERS PENSION FUND ORDINANCE NO. 48 , 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES
IN THE FIRE FIGHTER'S PENSION 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 expenditure in the annual appropriation ordinance; and
WHEREAS, the City created a money purchase program in 1991 for active
members of the Fire Fighter's Pension Plan, hereinafter "the Plan" , that desired
to participate in the plan; and
WHEREAS, members remaining in the Plan were to be converted to individual
annuity contracts during 1991 ; and
WHEREAS, after the City budget was adopted, it was decided to delay the
purchase of annuity contracts in 1991 ; and
WHEREAS, the City entered 1992 without an appropriation to make monthly
payments to the retired members and beneficiaries of the Plan; and
WHEREAS, the required funds are available in the Fire Fighter's Pension
Fund to make these payments.
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
Fire Fighter's Pension Fund the sum of ONE HUNDRED EIGHTY-SIX THOUSAND DOLLARS
($186,000) for the monthly payments to the retired members and beneficiaries of
the Fire Fighter's Pension Plan.
Introduced, considered favorable on first reading, and ordered published
this 7th day of April , A.D. 1992, and to be presented for final passage on the
21st day of April , A.D. 1992.
ayor
LAA
ATTEST:
City Clerk
Passed and adopted on final reading this 21st day of April , A.D. 1992.
Mayor
ATTEST:
etti'
City Clerk