Share to Facebook Share to Twitter Bookmark and Share
File #: 19-045    Version: 1 Name:
Type: Report Item Status: Passed
File created: 1/16/2019 In control: City Council/Public Finance and Economic Development Authority/Parking Authority
On agenda: 2/19/2019 Final action: 2/19/2019
Title: SUBJECT: Discussion of Options for Funding the Section 115 Post Employment Benefit Trust Fund and Request for Authorization of Funding, Determination of Preferred Asset Allocation, and Adoption of Investment Guidelines for the Section 115 Post Employment Benefit Trust REPORT IN BRIEF Provides direction to staff regarding the funding of the Section 115 Post Employment Benefit Trust, Also requests a determination of asset allocation, and Adoption of investment guidelines for the Section 115 Post Employment Benefit Trust. RECOMMENDATION City Council - Adopt a motion: A. Approving the dissolution of Fund 073 Revenue Stabilization Fund and transferring $3,200,000 into the Section 115 Post Employment Benefit Trust Fund; and, B. Authorizing a Supplemental Appropriation from the unreserved, unencumbered fund balance in Fund 553-Wastewater System in the amount of $2,000,000 and transferring into the Section 115 Post Employment Benefit Trust Fund; and, C. Authorizing a Supplemental App...
Attachments: 1. Investment Guidelines Document
Report Prepared by: Venus Rodriguez, Finance Officer

Title
SUBJECT: Discussion of Options for Funding the Section 115 Post Employment Benefit Trust Fund and Request for Authorization of Funding, Determination of Preferred Asset Allocation, and Adoption of Investment Guidelines for the Section 115 Post Employment Benefit Trust

REPORT IN BRIEF
Provides direction to staff regarding the funding of the Section 115 Post Employment Benefit Trust, Also requests a determination of asset allocation, and Adoption of investment guidelines for the Section 115 Post Employment Benefit Trust.

RECOMMENDATION
City Council - Adopt a motion:

A. Approving the dissolution of Fund 073 Revenue Stabilization Fund and transferring $3,200,000 into the Section 115 Post Employment Benefit Trust Fund; and,

B. Authorizing a Supplemental Appropriation from the unreserved, unencumbered fund balance in Fund 553-Wastewater System in the amount of $2,000,000 and transferring into the Section 115 Post Employment Benefit Trust Fund; and,

C. Authorizing a Supplemental Appropriation from the unreserved, unencumbered fund balance in Fund 557-Water System in the amount of $1,300,000 and transferring into the Section 115 Post Employment Benefit Trust Fund; and,

D. Directing staff to begin the process for a charter amendment to remove Section 1112 Cash Basis Fund; and,

E. Selecting the Conservative asset allocation for the Trust 115 Post Employment Benefit Trust Fund Investment Portfolio; and,

F. Approving Investment Guidelines to be used for the Trust 115 Post Employment Benefit Trust Fund Investment Portfolio; and,

G. Authorizing the Finance Officer to make the necessary budget adjustments.

Body
ALTERNATIVES
1. Adopt as recommended by staff; or
2. Refer back to staff with specific direction, or
3. Deny

AUTHORITY
City of Merced Charter Article VI Section 604-Finance Officer-Power and duties,
Charter Section 1003, Elections Code Section 9255 and 1415, and
Government Code Section 532...

Click here for full text