HomeMy WebLinkAboutIR 2538 INFORMAL REPORT TO CITY COUNCIL MEMBERS No., 2538
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of�ORT� To the Mayor and Members of the City Council September 5, 1975
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�TixAy. Subject: INFORMATION CONCERNING THE RETIREMENT FUND
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During Council Budget Study Sessions, it was requested that information
be provided on whether the Retirement Fund could pay for the cost of the
investment services ($62,221) presently budgeted in the Retirement Ad-
ministration Activity of the Finance Department.
The Retirement Fund was established by Ordinance 2266 on September 12,
1945, and approved by the voters on October 2, 1945. Section 9 of
the Ordinance states that:
"The City's contribution shall annually be sufficient to maintain the
prior service reserve fund and the subsequent service reserve fund and
shall provide for the cost of administering the Fund, and the City
Council is authorized and directed to make all necessary appropriations
to provide the contributions to be made by the City under the terms of
this ordinance." (Emphasize added. )
As stipulated by this Ordinance, a Retirement Fund Administration Activity
has been included in the proposed budget.
Should City Council desire any additional information, it will be supplied
on request.
Respectfully submitted,
R. N. Line
City Manager
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS