HAYWARD CITY COUNCIL
RESOLUTION NO. 22-
Introduced by Council Member
RESOLUTION AUTHORIZING THE TRANSFER OF $5,902,372 FROM THE WORKERS’ COMPENSATION FUND TO THE GENERAL FUND WHEREAS, several years ago the Workers’ Compensation Fund was significantly underfunded; and WHEREAS, in an effort to improve funding levels, an additional percentage was applied on top of the standard rate; and WHEREAS, the additional percent should have been adjusted in a previous fiscal year, but had not been adjusted, resulting in the City achieving funding level above the recommended 80 percent; and WHEREAS; the City’s Workers’ Compensation Fund has a fund balance greater than necessary; and WHEREAS, the General Fund accounts for approximately 82 percent of the allocation of the Workers’ Compensation rates; and WHEREAS, the City recommends transferring $5,902,372 from the Workers’ Compensation Fund to the General Fund as reimbursement from prior year over-funding to the City’s Workers’ Compensation Fund.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Hayward hereby approves the amendment to the budget resolution, Resolution 22-146, authorizing the transfer of $5,902,372 from the Workers’ Compensation Fund to the General Fund.
IN COUNCIL, HAYWARD, CALIFORNIA _______________________, 2022 ADOPTED BY THE FOLLOWING VOTE:
AYES: COUNCIL MEMBERS:
MAYOR:
NOES: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ATTEST:
City Clerk of the City of Hayward
APPROVED AS TO FORM:
City Attorney of the City of Hayward
ATTACHMENT III