CC RES 2007-117 ,
RESOLUTION NO. 2007 - 117
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS
VERDES, AMENDING RESOLUTION 2007-70, THE BUDGET APPROPRIATION
FOR FY07-08, TO INCREASE EXPENDITURES IN THE EMPLOYEE BENEFITS FUND.
WHEREAS, Section 3.32 of the Rancho Palos Verdes Municipal Code provides that all
expenditures in excess of budgeted allocations must be by supplemental appropriation of the
City Council: and
WHEREAS, on June 19, 2007, the City Council of the City of Rancho Palos Verdes adopted
Resolution 2007-70, approving a spending plan and authorizing a budget appropriation for
FY07-08: and
WHEREAS, on December 1, 1974, the City of Rancho Palos Verdes ("City") entered into a
contract with the California Public Employees Retirement System (CaIPERS) for pension
benefits for its employees; and
WHEREAS, Retirement Law obligates the City to make annual contributions to CaIPERS to
fund pension benefits for its employees, inclusive of appropriations associated with any
unfunded accrued actuarial liability with respect to such pension benefits; and
WHEREAS, the City Council desires to reduce, or eliminate in its entirety, the City's unfunded
accrued actuarial liability.
BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF RANCHO
PALOS VERDES:
Increase the Employee Benefits fund expenditure budget as follows:
Employee Benefits #685-1015-499-23 Retirement (CaIPERS) $691,500
PASSED, APPROVED, AND ADOPTED THE 20th day of Novemb- 2 .
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Mayor
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ATTEST:
1
City Cierk
State of California )
County of Los Angeles )ss
City of Rancho Palos Verdes )
I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, hereby certify that the above
Resolution No. 2007-117 was duly and regularly passed and adopted by the said City Council at
regular meeting thereof held on November 20, 2007.
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City Clerk