HomeMy WebLinkAboutResolution 3484-05-2007A Resolution
NO 3784-OS-2007
RECOMMENDING THAT THE CITY COUNCIL DIRECT THE CITY MANAGER
TO REQUEST AND PROVIDE TO THE CITY COUNCIL, ON AN ANNUAL BASIS,
THE ACTUARIAL IMPACT OF BUDGET RECOMMENDATIONS ON THE
EMPLOYEES' RETIREMENT FUND
WHEREAS the Audit and Finance Advisory Committee concurs with the Ctty
Councils commitment to using consistent and reliable actuartal assumptions thereby
allowing for more accurate projections by the Employees Retirement Fund of annual required
contributions and
WHEREAS the Audit and Finance Advisory Committee concurs with the Ctty
Council s commitment to move the Employees Retirement Fund into a finite funding period
and an increased funding status
NOW, THEREFORE THE AUDIT AND FINANCE ADVISORY COMMITTEE
RECOMMENDS THAT THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS, DIRECT THE CITY MANAGER TO
1 Provide assumptions included m the City Manager's Proposed Budget, such as compensation increases,
retirement contributions and any changes m staffing to the City's selected actuarial firm, and
2. Request the actuary to prepare an analysts to annually determine the actuarial impact of assumptions
included m the City Manager's Proposed Budget, on the Employees Retirement Fund, and
3 Present to the City Council the results of the actuarial analysis, prior to the adoption of the budget; and
4 Communicate the results of the actuarial study to the Employees' Retirement Fund s actuary
AND IT IS SO RESOLVED
Adopted;thts 8:'''~'~~t, day of MaY_ 2007 APPROVE
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CITY COUNCIL
ATTEST ~ ~`*~ ~~ MAY ~ 2007
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Marty Hendrix Ctty~Se~cretary
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City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 5/8/2007 Resolution No 3484-05-2007
DATE Tuesday May 08 2007
LOG NAME 03ERFRESOLUTION REFERENCE NO **G-15710
SUBJECT
Adopt Resolution Directing the City Manager to Request and Provide to the City Council on an
Annual Basis the Actuarial Impact of Budget Recommendations on the Employees Retirement
Fund
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution directing the City Manager to request
and provide to the City Council on an annual basis the actuarial impact of budget recommendations on the
Employees Retirement Fund
DISCUSSION
In the Audit and Finance Advisory Committee meeting on March 27 2007 it was recommended that the
City Council begin to request an actuarial study be provided on any decisions that will have an impact on
the Employees' Retirement Fund (ERF) specifically those assumptions or decisions that will have a direct
impact to the ERF such as any changes in staffing employee compensation increases, andlor retirement
contributions The Audit and Finance Advisory Committee unanimously recommended in its meeting on
April 26 2007 that the City Council adopt the Resolution directing the City Manager to request and provide
to the City Council on an annual basis, the actuarial impact of budget recommendations on the ERF
The attached resolution recommends City Council to begin this process with the Fiscal Year (FY) 2007
2008 proposed budget. Staff will provide the assumptions (compensation retirement and changes in
staffing) that will be included in the City Manager's FY07-08 Proposed Budget, in mid to late July to the
City's selected actuary The actuary will compile actuarial assumptions based on that information by early
August 2007 The results of this analysis will be shared with council members as a part of the budget
process, prior to adoption of the FY07-08 budget in September 2007
FISCAL INFORMATION/CERTIFICATION
The Finance Director certifies that the approval of this M8~C will have no material effect on City funds.
TO Fund/Account/Centers
FROM Fund/Account/Centers
Submitted for City Manager's Office b~ Karen Montgomery (6222)
Originating D~artment Head. Bridgette Garrett (8518)
Additional Information Contact: Bridgette Garrett (8518)
Logname 03ERFRESOLUTION Page 1 of 1