HomeMy WebLinkAbout23-18 RESOLUTION113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolution: 23-18
File Number: 2017-0756
ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD:
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $1,600.00
RECOGNIZING REVENUE FROM THE ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD
FOR THE FUTURE SUPPLEMENTAL BENEFITS PAID TO PENSIONERS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget
adjustment, a copy of which is attached to this Resolution, in the amount of $1,600.00 recognizing
increased revenue from the Arkansas Fire and Police Pension Review Board for the Future Supplemental
benefits paid to pensioners.
PASSED and APPROVED on 1/2/2018
Attest:
Sondra E. Smith, City Clerk Treasurer
Page 1 Printed on 113118
F City of Fayetteville, Arkansas 113 West Mountain Street
r 7 Fayetteville, AR 72701
(479) 575-8323
Text File
-- File Number: 2017-0756
Agenda Date: 1/2/2018 Version: 1 Status: Passed
In Control: City Council Meeting File Type: Resolution
Agenda Number: A. 24
ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD:
4
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $1,600.00
RECOGNIZING REVENUE FROM THE ARKANSAS FIRE AND POLICE PENSION REVIEW
BOARD FOR THE FUTURE SUPPLEMENTAL BENEFITS PAID TO PENSIONERS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a
copy of which is attached to this Resolution, in the amount of $1,600.00 recognizing increased revenue from the
Arkansas Fire and Police Pension Review Board for the Future Supplemental benefits paid to pensioners.
City of Fayetteville, Arkansas Page 1 Printed on 11312018
Kevin Springer
Submitted By
City of Fayetteville Staff Review Form
2017-0756
Legistar File ID
1/2/2018
City Council Meeting Date -Agenda Item Only
N/A for Non -Agenda Item
12/15/2017 Budget & Information Management/
Finance & Internal Services Department
Submitted Date Division / Department
Action Recommendation:
To approve a budget adjustment in the amount of $1,600 to recognize the additional revenue received by the
Arkansas Fire and Police Pension Board for a future supplement to pensioners on the old police pension plan in
2017.
6800.680.9800-5335.06
Account Number
Project Number
Budgeted Item? No
Does item have a cost? No
Budget Impact:
Current Budget
Funds Obligated
Current Balance
Item Cost
Budget Adjustment Attached? Yes Budget Adjustment $ 1,600.00
Remaining Budget $ 298.00
Previous Ordinance or Resolution # V20140710
Original Contract Number: Approval Date:
Police Pension
Fund
Project Title
$
71, 218.00
72,520.00
(1,302.00)1
Comments:
CITY OF
FAYETTEV I LLE
ftr ARKANSAS
MEETING OF JANUARY 2, 2018
TO: Mayor and City Council
THRU: Paul A. Becker, Chief Financial Officer
FROM: Kevin Springer, Budget Director
DATE: 12/15/2017
CITY COUNCIL MEMO
SUBJECT: Recognize Police Pension Future Supplemental Revenue
RECOMMENDATION:
Staff recommends approval of the budget adjustment recognizing the increase in revenue from
the Arkansas Fire and Police Pension Review Board (PRB) for the Future Supplemental
benefits paid to pensioners.
BACKGROUND:
This account is budgeted based on the prior year amount. Each year the PRB sends a
distribution that complies with Act 1373 of 2003. The amount received is then distributed to
each retiree, beneficiary, and DROP participant as reflected on the Annual Financial Report for
the Local Plan at December 31 of the prior year. The effective date of distribution is July 1 of
the current year.
DISCUSSION:
The amount varies from year to year. In 2017, the amount increased more than budgeted and
while other accounts were less than budget, there still wasn't sufficient budget to cover the
increased distribution.
BUDGET/STAFF IMPACT:
This budget adjustment is for the prior year. An amount that is slightly greater is being
requested to allow for any other year end items that may be paid for 2017.
Attachments:
SRF Fire Pension Revenue
SRM Fire Pension Revenue
BA Fire Pension Revenue
Mailing Address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
r
City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar)
Budget Year Division Adjustment Number
/Org2 BUDGET &INFORMATION MGMT (133)
2017
Requestor: Barbara Fell
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
To recognize Future Supplemental Revenue received and distributed.
RESOLUTION/ORDINANCE
TOTAL
1,600 1,600
COUNCIL DATE: 1/2/2018
LEGISTAR FILE ID#: 2017-0756
13cwlwwcl FeW
12115/2017 11:47 AM
Budget Director Date
TYPE:
DESCRIPTION:
GLDATE:
POSTED:
Increase / (Decrease) Proiect.Sub#
Account Number Expense Revenue Project Sub
6800.800.9800-5335.06 1,600 -
6800.800.9800-4301.06 1.600
v.20170707
AT Account Name
EX Pension Expense - Future Supplemental B
RE Insurance turnback - Future Supplement
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