RESOLUTION NO. 2024-04-XXXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL, CALIFORNIA, AUTHORIZING A BUDGET APPROPRIATION AND AMENDING THE FISCAL YEAR 2023-2024 ANNUAL OPERATING AND CAPITAL BUDGET WHEREAS, the City Council approves the appropriation of funds for the purpose stated below.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SIGNAL HILL, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. To authorize budget adjustment 24-12 of the FY 2023-24 Budget as follows:
Purpose: Initiate a CalPERS Fresh Start program for the City’s unfunded pension liability for the City’s Miscellaneous and Sworn pension rate plans with an additional payment of $500,000 from the PERS reserve.
Fund Dept Object Description Amount
1) Retirement Contributions Expenditure Increase
100 51 5230 Retirement Contributions $500,000
2) Transfer of funds to cover expenditure
115 99 7900 Transfer to the General Fund $500,000
100 39 4110 Transfer from Reserves ($500,000) Section 2. To add the above-referenced adjustments to the Budget Adjustment Status Report (Exhibit A).
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Signal Hill, California, on this 23rd day of April, 2024. ________________________________
LORI Y. WOODS
MAYOR
ATTEST:
DARITZA GONZALEZ
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )ss
CITY OF SIGNAL HILL )
I, DARITZA GONZALEZ, City Clerk of the City of Signal Hill, California, hereby certify that Resolution No. 2024-04-XXXX was adopted by the City Council of the City of Signal Hill at a regular meeting held on the 23rd day of April, 2024, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
______________________________
DARITZA GONZALEZ
CITY CLERK
Resolution No. 2024-04-XXXX
April 23, 2024