FINANCE COMMITTEE
AGENDA
September 14, 2022 at 4:00 P.M.
Meeting will be held in the Community Center
33 Church Street
Sutter Creek, CA
1. Call to Order - 4:00 P.M.
2. Public Matters not on the Agenda
This is an opportunity for the public to comment on items that are not on the Committee’s agenda.
3. Review of FY 21-22 Actual Revenue and Expenses*
Recommendation: For information and discussion.
4. PARS 115 Trust
Recommendation: For information and discussion.
5. Adjournment
* Attachment
In compliance with the Americans with Disabilities Act, if you are a disabled person and you need a disability-related modification or accommodation to participate in this meeting, please contact City Hall staff at (209) 267-5647 or (209) 267-0639 (fax).
Beginning
Funds Balance Cash In Cash Out Adj. Balance
01 - General Fund 679,674 107,678 170,267 (553,983) 63,101 39 -General Reserve 693,094 - - - 693,094
86 - General Savings 49,908 - - 58 49,966
95 - General Operations Reserve 248,315 - - 187 248,502 96 - General Capital Reserves 49,371 - - 37 49,408
04 - Crestview Light District 4,590 159 88 4 4,665
07 - Cemetary 648 - 204 - 444
17 - Monteverde Store (8,791) - 208 17,079 -
29 - Swimming Pool (25,352) - 357 25,709 -
59 - Auditorium & Facility Rentals (34,047) 2,455 9,563 41,155 - 03 - Streets and Sidewalks (27,850) 62,691 7,526 1 27,316 91 - Road CIP 52,701 4,629 447 40 56,923
10 - Sewer M&O 599,219 121,713 89,605 (109,227) 522,100 11 - Sewer WCRF Hook up Fees 996,630 - - (393,983) 602,647 12 - Sewer Line Replacement 602,980 - - 454 603,434
14 - Sewer Cap Reserves 939,726 - - 140,760 1,080,486
15 - Sewer Debt Service (17,079) - - - (17,079)
80 - Effluent Disposal (277,834) 14,855 114,642 377,621 - 09 - HMGP Hazard Mitigation Grant Proj 1,210 - - - 1,210 19 - Knights Foundary Restore 2,996 - - 2 2,998
20 - FEMA 9,128 - - 6 9,134
28 - Public Safety/AB109, Grant 5,118 - - 4 5,122
50 - COPS Fast Program 2,630 - - 2 2,632
30-36 Traffic Mitigation Total 231,137 - - 281 231,450
37 - Parking In Lieu 64,876 - - 49 64,925
38 - Fire Service Fund 26,020 - - 19 26,039
42 - AB1600 173,295 - - 130 173,517
73 - Park Impact Fee 45,035 - - 34 45,069
46 - Badger Street Bridge Replacement (183,158) - - 183,158 - 55 - SC Bridge Replacement CalTrans (286,971) - - 286,971 - 89 - Capital Improvement Projects 36,579 - 17,606 15 18,988 48 - Covid-19 American Recovery Act 281,464 - - 212 281,676 60 - Bypass Mitigation 234,223 - 234,223 - -
81 - Visitor Center (12,362) 1,234 4,093 15,221 -
87 - Refuse 3,333 - - 3 3,336
88 - City Council Discretionary 21,438 - - 2 21,440
92 - Pension Reserve 135,548 - - 102 135,650
93 - Vehicle Cap Reserve 17,142 - - 9 17,151
94 - Vacation Cash Out and Accruals 2,811 - - 6 2,817
Totals 5,337,395 315,414 648,829 32,138 5,028,161 -
2021-22
Cash Balance Report
for the month of June 2022
FUND FUND Name ACCT ACCT Name
Annual
Amended
Budget
1 General Fund 30100 Prop Tax - Secured (County) 585,000.00 1 General Fund 30105 Property Tax in Lieu of MVLF 260,000.00 1 General Fund 30110 Prop Tax - Curr Supple(County) 9,300.00 1 General Fund 30115 Delinquent Supplemental 800.00
1 General Fund 30200 Prop Tax - Unsecured (County) 8,000.00 1 General Fund 31660 Tax, Franchise - Aces Waste 32,000.00 1 General Fund 31662 Tax, Franchise - Comcast 30,000.00 1 General Fund 31664 Tax, Franchise - PG&E 48,000.00
1 General Fund 31670 Tax, Transfer - Real Property 18,000.00 1 General Fund 31850 Tax, TOT - Transient Lodge Tax 294,000.00 1 General Fund 31930 Tax - Gen'l Retail Sales 398,000.00 1 General Fund 32100 License - Business 62,000.00
1 General Fund 32111 Permit - Encroachments 8,500.00
1 General Fund 32125 Permit - Garage Sale 60.00
1 General Fund 32130 Permit / Licenses - Other 1,500.00 1 General Fund 32135 Permit - Signs 1,000.00
1 General Fund 32170 Amusements 0.00
1 General Fund 33120 Sales Tax-Public Safety 16,000.00
1 General Fund 33510 State Cops Grant 160,000.00
1 General Fund 33512 Hm Prop Tax Relief - Exemption 6,000.00 1 General Fund 34130 Zoning Application Fees 2,100.00
1 General Fund 34131 Subdivision fees 5,000.00
1 General Fund 34132 Fees - Variance & conditional 1,000.00 1 General Fund 34135 Site Plans 12,500.00
1 General Fund 34139 Building Permit Fees 68,000.00
1 General Fund 34140 Plan Check Fees 42,000.00
1 General Fund 34141 Fees-PD Services 0.00
1 General Fund 34160 Fees - Police Reports 800.00
1 General Fund 34168 Concealed Weapon 2,000.00
1 General Fund 34210 PD Fee Special Services 500.00
1 General Fund 35130 Fines - Vehicle Code 7,000.00
1 General Fund 36100 Income - Interest Earnings 2,500.00 1 General Fund 36820 Income - Other Revenue 0.00
FUND TOTAL 2,081,560.00
3 Streets/Sidewal 33005 Vehicle License Fee 2,025.00
3 Streets/Sidewal 33551 2107 Highway User Tax 16,509.00 4th Quarter FY 2021-22 Rev
3 Streets/Sidewal 33552 2106 Highway User Tax 14,236.00 3 Streets/Sidewal 33553 2105 Highway User Tax 13,018.00 3 Streets/Sidewal 33554 2107-5 Highway User Tax 1,000.00 3 Streets/Sidewal 33556 2103 Highway User Tax 16,122.00 3 Streets/Sidewal 36100 Income - Interest Earnings 0.00 FUND TOTAL 62,910.00
4 Crestview Lgt/D 34280 Street Lighting Charges 2,743.00 4 Crestview Lgt/D 36100 Income - Interest Earnings 0.00 FUND TOTAL 2,743.00
7 Cemetery 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
9 HMGP-Hazard Mit 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
10 Sewer M&O 34410 Fees - Sewer Service Undist 1,829,400.00 10 Sewer M&O 34412 Septic Dumping Fee 41,000.00
10 Sewer M&O 34413 Contract Sewer Rev AWA 179,311.00
10 Sewer M&O 34414 Sewer Svc Chrges Amador City 41,426.00 10 Sewer M&O 34479 Late Charges 20,000.00
10 Sewer M&O 36100 Income - Interest Earnings 3,592.00
FUND TOTAL 2,114,729.00
11 Sewer WWTP 34411 Fees - Sewer Connection Charge 0.00 11 Sewer WWTP 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
12 Sewer Line Rep. 36100 Income - Interest Earnings 0.00 12 Sewer Line Rep. 39999 Operating Transfers In 511,776.00 FUND TOTAL 511,776.00
14 Sewer Cap Res 36100 Income - Interest Earnings 0.00
14 Sewer Cap Res 39999 Operating Transfers In 511,776.00 FUND TOTAL 511,776.00
15 Sewer Debt Svcr 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
17 M.V.Store Trust 36700 Income - Donations, Private So 0.00 FUND TOTAL 0.00
19 Knights Foundry 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
20 FEMA 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
26 COSC ComFac07-1 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
28 Public Safety 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
29 Swimming Pool 36710 Swimming Pool Revenues 0.00
FUND TOTAL 0.00
31 TM-Sutter Hill 36100 Income - Interest Earnings 0.00 31 TM-Sutter Hill 36335 Income - Traffic Mitigation Fe 0.00 FUND TOTAL 0.00
34 TM-49/Bypass 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
35 TM-General 36100 Income - Interest Earnings 0.00
35 TM-General 36335 Income - Traffic Mitigation Fe 0.00 FUND TOTAL 0.00
36 TM-County Regin 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
37 Parking in Lieu 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
38 Fire Service 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
39 General Reserve 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
42 AB 1600 36100 Income - Interest Earnings 0.00
42 AB 1600 36300 General Developer Impact Fee 0.00
FUND TOTAL 0.00
48 Covid-19 33517 Federal Grants 0.00
48 Covid-19 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
50 COPS Fast Prog 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
55 S.C.Bridge Repl 33655 Federal Grant Main St. Bridge 0.00 FUND TOTAL 0.00
59 Building Facili 34745 Historical Grammer School Rev 11,500.00 59 Building Facili 34746 Cribbs Field/Snack Shack Rent 0.00 59 Building Facili 34747 Cribbs/Snack Utilities 0.00
59 Building Facili 34748 Fees - Community Ctr Utilities 3,500.00 59 Building Facili 34749 Fees - Community Center 4,500.00 59 Building Facili 34750 Fees - Auditorium Use 4,500.00 59 Building Facili 34751 Lease Revenue-AT&T Wireless 30,000.00 59 Building Facili 34752 Fees- Auditorium Utilities 4,000.00 59 Building Facili 34753 Fees-Jazzercise Rental Income 11,610.00 FUND TOTAL 69,610.00
60 Bypass Mitigatn 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
73 Park Impact Fee 36100 Income - Interest Earnings 0.00 73 Park Impact Fee 36373 Parks Regional Impact Fee 0.00 FUND TOTAL 0.00
80 Effluent Disp. 34390 Effluent Disposal 157,703.00
FUND TOTAL 157,703.00
81 Visitor Center 36713 Visitor Center Revenue 24,180.00 FUND TOTAL 24,180.00
86 General Savings 36100 Income - Interest Earnings 0.00 86 General Savings 39999 Operating Transfers In 20,816.00 FUND TOTAL 20,816.00
87 Refuse 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
88 City Council 36100 Income - Interest Earnings 0.00
88 City Council 36700 Income - Donations, Private So 0.00 FUND TOTAL 0.00
89 CIP 33520 WWTP Grant State Water Board 0.00
FUND TOTAL 0.00
91 Road CIP 33558 Road Maintenance & Rehabilit 0.00
91 Road CIP 36100 Income - Interest Earnings 0.00
91 Road CIP 39999 Operating Transfers In 45,000.00
FUND TOTAL 45,000.00
92 Pension & Ins 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
93 Vehicle Cap Res 36100 Income - Interest Earnings 0.00 FUND TOTAL 0.00
94 Vacation Fund 36100 Income - Interest Earnings 0.00
FUND TOTAL 0.00
95 Gen'l Oper Res 36100 Income - Interest Earnings 0.00 95 Gen'l Oper Res 39999 Operating Transfers In 20,816.00 FUND TOTAL 20,816.00
96 Gen Cap Res 36100 Income - Interest Earnings 0.00
96 Gen Cap Res 39999 Operating Transfers In 41,631.00
FUND TOTAL 41,631.00
1st Quarter
(July - Sept)
2nd Quarter
(Oct - Dec)
3rd Quarter
(Jan - Mar)
4th Quarter
(Apr-June) YTD Actual Pct(%)
0.00 31,641.00 277,433.46 300,414.47 609,488.93 104%
0.00 0.00 134,739.69 131,850.50 266,590.19 103%
0.00 0.00 7,353.04 7,947.58 15,300.62 165%
0.00 0.00 0.00 816.11 816.11 102%
0.00 8,951.24 0.00 430.15 9,381.39 117%
6,659.94 6,648.12 13,570.57 14,131.98 41,010.61 128%
8,160.40 8,255.63 8,410.82 8,483.96 33,310.81 111%
0.00 0.00 0.00 45,587.31 45,587.31 95%
0.00 10,593.83 5,075.68 8,958.14 24,627.65 137%
56,124.47 80,819.29 70,752.10 110,849.23 318,545.09 108% 92,622.91 120,182.66 94,931.61 234,441.03 542,178.21 136% 10,356.00 14,855.00 14,540.00 4,768.00 44,519.00 72%
79.00 1,560.00 1,605.25 2,784.25 6,028.50 71%
30.00 30.00 5.00 5.00 70.00 117%
385.00 385.00 200.00 450.00 1,420.00 95%
180.00 0.00 270.00 270.00 720.00 72%
15.00 0.00 0.00 0.00 15.00 0%
2,681.96 3,759.58 4,054.71 4,786.54 15,282.79 96%
0.00 95,928.97 38,303.10 27,052.78 161,284.85 101%
0.00 978.17 2,282.40 0.00 3,260.57 54%
0.00 2,100.00 0.00 0.00 2,100.00 100%
0.00 0.00 0.00 0.00 0.00 0%
1,375.77 -620.00 68.73 4,133.65 4,958.15 496%
2,448.17 93.00 5,100.00 25,544.95 33,186.12 265%
11,363.27 26,769.19 16,345.59 17,667.39 72,145.44 106%
11,478.34 15,197.81 4,947.07 6,367.13 37,990.35 90%
7.80 148.19 8.45 614.25 778.69 0%
75.00 150.00 450.00 171.05 846.05 106%
550.00 200.00 0.00 0.00 750.00 38%
200.00 700.00 404.53 400.00 1,704.53 341%
1,394.59 1,233.95 1,278.40 4,733.60 8,640.54 123%
373.67 116.74 25.35 173.02 688.78 28%
50.00 0.00 0.00 11,564.40 11,614.40 0%
206,611.29 430,677.37 702,155.55 975,396.47 2,314,840.68 111%
0.00 0.00 0.00 0.00 0.00 0%
3,684.43 4,098.89 2,719.79 6,176.06 16,679.17 101%
4th Quarter FY 2021-22 Revenue Report
4,180.65 3,891.94 2,563.49 4,973.79 15,609.87 110%
3,773.47 3,491.70 2,217.22 4,458.23 13,940.62 107%
1,000.00 0.00 0.00 0.00 1,000.00 100%
7,070.80 4,361.19 2,569.29 5,838.12 19,839.40 123%
0.86 0.00 0.00 0.00 0.86 0%
19,710.21 15,843.72 10,069.79 21,446.20 67,069.92 107%
0.00 0.00 2,703.00 0.00 2,703.00 99%
1.32 0.97 1.47 3.40 7.16 0%
1.32 0.97 1.47 3.40 2,710.16 99%
1.04 0.67 0.54 0.52 2.25 0%
1.04 0.67 0.54 0.52 2.25 0%
0.52 0.41 0.50 0.91 1.43 0%
0.52 0.41 0.50 0.91 1.43 0%
424,777.60 456,074.76 457,895.63 457,475.66 1,796,223.65 98% 7,570.00 12,830.00 8,290.00 19,080.33 47,770.33 117%
44,827.74 44,827.74 44,827.74 44,827.74 179,310.96 100% 10,356.51 10,356.51 10,356.51 10,356.51 41,426.04 100%
6,043.13 6,069.75 4,491.09 4,753.08 21,357.05 107%
344.79 190.84 98.04 343.27 976.94 27%
493,919.77 530,349.60 525,959.01 536,836.59 2,087,064.97 99%
0.00 21,983.61 0.00 0.00 21,983.61 0%
422.30 336.82 411.85 750.26 1,921.23 0%
422.30 22,320.43 411.85 750.26 23,904.84 0%
39.39 118.59 249.20 453.92 861.10 0%
0.00 511,776.00 0.00 0.00 511,776.00 100%
39.39 511,894.59 249.20 453.92 512,637.10 100%
185.30 233.67 388.35 760.13 1,567.45 0%
0.00 511,776.00 0.00 0.00 511,776.00 100%
185.30 512,009.67 388.35 760.13 513,343.45 100%
11.88 7.45 6.68 0.00 26.01 0%
11.88 7.45 6.68 0.00 26.01 0%
0.00 0.00 500.00 780.20 1,280.20 0%
0.00 0.00 500.00 780.20 1,280.20 0.00
1.35 1.05 1.24 2.26 5.90 0%
1.35 1.05 1.24 2.26 5.90 0%
4.08 3.17 3.77 6.87 17.89 0%
4.08 3.17 3.77 6.87 17.89 0%
0.41 0.32 0.39 0.71 1.83 0%
0.41 0.32 0.39 0.71 1.83 0%
2.22 1.75 2.11 3.85 9.93 0%
2.22 1.75 2.11 3.85 9.93 0%
3,929.00 0.00 0.00 10,461.00 14,390.00 0%
3,929.00 0.00 0.00 10,461.00 14,390.00 0%
33.95 26.86 32.57 59.35 152.73 0%
0.00 497.74 0.00 0.00 497.74 0%
33.95 524.60 32.57 59.35 650.47 0%
26.12 20.60 24.92 45.39 117.03 0%
26.12 20.60 24.92 45.39 117.03 0%
89.55 72.87 90.83 165.46 418.71 0%
0.00 13,111.35 0.00 0.00 13,111.35 0%
89.55 13,184.22 90.83 165.46 13,530.06 0%
1.43 2.45 5.37 9.79 19.04 0%
1.43 2.45 5.37 9.79 19.04 0%
28.11 22.17 26.81 48.84 125.93 0%
28.11 22.17 26.81 48.84 125.93 0%
10.37 8.54 10.75 19.59 49.25 0%
10.37 8.54 10.75 19.59 49.25 0%
251.87 236.86 286.42 521.76 1,296.91 0%
251.87 236.86 286.42 521.76 1,296.91 0%
66.58 55.87 71.61 130.49 324.55 0%
0.00 19,714.74 0.00 0.00 19,714.74 0%
66.58 19,770.61 71.61 130.49 20,039.29 0%
313,619.00 0.00 0.00 0.00 313,619.00 0%
60.24 101.15 119.31 211.89 492.59 0%
313,679.24 101.15 119.31 211.89 314,111.59 0%
1.14 0.90 1.09 1.98 5.11 0%
1.14 0.90 1.09 1.98 5.11 0%
0.00 430,043.63 0.00 0.00 430,043.63 0%
0.00 430,043.63 0.00 0.00 430,043.63 0%
2,223.00 3,536.00 3,487.00 3,279.00 12,525.00 109%
240.00 0.00 0.00 160.00 400.00 0%
204.00 0.00 0.00 50.00 254.00 0%
0.00 0.00 0.00 100.00 100.00 3%
0.00 0.00 425.00 170.00 595.00 13%
1,875.00 1,950.00 0.00 425.00 4,250.00 94%
8,800.00 11,600.00 8,700.00 5,800.00 34,900.00 116%
700.00 500.00 100.00 100.00 1,400.00 35%
2,422.50 2,620.00 2,516.00 2,580.00 10,138.50 87%
16,464.50 20,206.00 15,228.00 12,664.00 64,562.50 93%
101.82 80.17 96.79 88.14 366.92 0%
101.82 80.17 96.79 88.14 366.92 0%
8.12 10.90 18.61 33.90 71.53 0%
0.00 26,280.00 0.00 0.00 26,280.00 0%
8.12 26,290.90 18.61 33.90 26,351.53 0%
28,956.66 43,434.99 43,434.99 57,913.32 173,739.96 110% 28,956.66 43,434.99 43,434.99 57,913.32 173,739.96 110% 3,794.60 3,487.51 2,667.89 4,328.88 14,278.88 59%
3,794.60 3,487.51 2,667.89 4,328.88 14,278.88 59%
12.61 13.50 20.63 37.59 84.33 0%
0.00 20,816.00 0.00 0.00 20,816.00 100%
12.61 20,829.50 20.63 37.59 20,900.33 100%
1.44 1.14 1.38 2.51 6.47 0%
1.44 1.14 1.38 2.51 6.47 0%
6.56 6.25 9.12 16.73 38.66 0%
2,520.00 3,780.00 3,780.00 0.00 10,080.00 0%
2,526.56 3,786.25 3,789.12 16.73 10,118.66 0%
47,305.00 0.00 0.00 22,973.43 70,278.43 0%
47,305.00 0.00 0.00 22,973.43 70,278.43 0%
12,693.30 12,843.08 11,873.76 12,960.22 50,370.36 0%
7.51 10.29 17.56 39.64 75.00 0%
0.00 0.00 0.00 45,000.00 45,000.00 0%
12,700.81 12,853.37 11,891.32 32,999.86 70,445.36 157%
58.73 46.32 56.01 102.04 263.10 0%
58.73 46.32 56.01 102.04 263.10 0%
3.09 2.44 2.95 9.14 17.62 0%
3.09 2.44 2.95 9.14 17.62 0%
0.79 4.07 8.88 6.31 20.05 0%
0.79 4.07 8.88 6.31 20.05 0%
98.57 81.30 102.62 186.93 469.42 0%
0.00 20,816.00 0.00 0.00 20,816.00 100%
98.57 20,897.30 102.62 186.93 21,285.42 102%
14.18 9.75 20.40 37.17 81.50 0%
0.00 41,631.00 0.00 0.00 41,631.00 100%
14.18 41,640.75 20.40 37.17 41,712.50 100%
Over/Under(-)
Budget
24,488.93
6,590.19
6,000.62
16.11 1,381.39
9,010.61
3,310.81
-2,412.69
6,627.65
24,545.09
144,178.21
-17,481.00
-2,471.50
10.00 -80.00
-280.00
15.00 -717.21
1,284.85
-2,739.43
0.00 -5,000.00
3,958.15
20,686.12
4,145.44
-4,009.65
778.69
46.05 -1,250.00
1,204.53
1,640.54
-1,811.22
11,614.40
233,280.68
-2,025.00
170.17
1,373.87
922.62
0.00 3,717.40
0.86 4,159.92
-40.00
7.16 -32.84
2.25 2.25
1.43 1.43
-33,176.35
6,770.33
-0.04
0.04 1,357.05
-2,615.06
-27,664.03
21,983.61
1,921.23
23,904.84
861.10
0.00 861.10
1,567.45
0.00 1,567.45
26.01 26.01
1,280.20
1,280.20
5.90 5.90
17.89 17.89
1.83 1.83
9.93 9.93
14,390.00
14,390.00
152.73
497.74
650.47
117.03
117.03
418.71
13,111.35
13,530.06
19.04 19.04
125.93
125.93
49.25 49.25
1,296.91
1,296.91
324.55
19,714.74
20,039.29
313,619.00
492.59
314,111.59
5.11 5.11
430,043.63
430,043.63
1,025.00
400.00
254.00
-3,400.00
-3,905.00
-250.00
4,900.00
-2,600.00
-1,471.50
-5,047.50
366.92
366.92
71.53 26,280.00
26,351.53
16,036.96
16,036.96
-9,901.12
-9,901.12
84.33 0.00
84.33 6.47
6.47 38.66
10,080.00
10,118.66
70,278.43
70,278.43
50,370.36
75.00 0.00
50,445.36
263.10
263.10
17.62 17.62
20.05 20.05
469.42
0.00 469.42
81.50 0.00
81.50 City of Sutter creek
PARS 115 Trust – Pension Rate Stabilization Program (PRSP) July 18, 2022
City of Sutter creek 2
Contacts
Mitch Barker
Executive Vice President
(800) 540-6369 x116
[email protected]
Jeff Hermann
Senior Analyst, Consulting
(800) 540-6369 x163
[email protected]
Andrew Brown, CFA
Director, Senior Portfolio Manager
(415) 705-7605
[email protected]
Michael Wiehn, CFA
Institutional Relationship Manager
(415) 705-7181
[email protected]
City of Sutter creek 3
Pars 115 Trust Team
Trust Administrator & Consultant
38 Years of Experience
(1984-2022)
2,000+
Plans under
Administration
1,000+
Public Agency
Clients
$6.7B
Assets under
Administration
Investment Manager
• Investment sub-advisor to trustee U.S. Bank
• Investment policy assistance
• Uses open architecture
• Active and passive platform options
• Customized portfolios (with minimum asset level)
103
Years of Experience
(1919-2022)
$20.2B
Assets under
Management &
Advisement
Trustee
• 5th largest commercial bank and one of the
nation’s largest trustees for Section 115 trusts
• Safeguard plan assets
• Oversight protection as plan fiduciary
• Custodian of assets
159
Years of Experience
(1863-2022)
$5.0T
Assets under
Administration
490+
115 Trust Clients
• Serves as record-keeper, consultant,
and central point of contact
• Sub-trust accounting
• Coordinates all agency services
• Monitors plan compliance
(IRS/GASB/State Government Code)
• Processes contributions/disbursements
• Hands-on, dedicated support teams
500 K+
Plan Participants
City of Sutter creek 4
PARS 115 Trust clients (490+) Updated July 2022
Angels Camp
Atwater
Elk Grove
Galt
Lodi
Merced
Modesto
Stockton
West Sacramento
Alpine
Amador
Calaveras
San Joaquin
Regional Client Agencies Include:
CITIES COUNTIES
Calaveras County Water District
Rancho Murieta Community Services District
San Andreas Sanitary District
South Placer Fire Protection District
SPECIAL DISTRICTS
City of Sutter creek 5
Subaccounts
Pension assets can be divided by
dept., bargaining group, or cost
center
Assets in the PARS Section 115
Trust can be used to address
unfunded liabilities.
Financial Stability
Choice of 5 risk tolerance
levels or custom strategy
Flexible Investing
As assets grow, lower fee rates
will be reached on tiered
schedule – saving money
Anytime Access Economies-of-Scale
Trust funds are available
anytime for Pension-related
expenses
No set-up costs, no minimum
annual contribution amounts,
and no fees until assets are added.
No Set Up Cost or Minimums
Pension Rate Stabilization Program
Prefund Pension (PRSP) GASB 68
Pension
Reimburse City; or
Pay retirement system
Assets can be used to: General Fund
PARS IRS-Approved Section 115 Trust
Prefund
City of Sutter creek 6
PARS Pension Rate
Stabilization Program
for prefunding pension obligations
The
City of Sutter creek 7
• Since 2015, GASB 68
has required disclosing
Net Pension Liability on financial
statements as a line item on the
balance sheet
• Before the concept of pension
prefunding, the only way to
reduce retirement system
unfunded liabilities was to send
additional contributions in
excess of annual required
employer contributions
• Pension trust prefunding
assets can be transferred to
the retirement system at the
Agency’s direction, which can
help offset future rate increases
(i.e., pension rate stabilization).
Background – Pension
CalPERS Changes
CalPERS has announced changes directly
affecting unfunded liability amounts and
employer contributions:
Lowering of Discount Rate 1
CalPERS lowered the
discount rate from 7.0% to 6.8%.
The impact is reflected in the
June 30, 2021 valuation reports.
Shortened Amortization Period 2
New actuarial liabilities are
amortized over 20 years instead of
30, increasing required annual
employer contribution amounts*
7.0%
6.8%
30 years
20 years
2 5-year ramp up in payments beginning
FY 15-16 with full impact in FY 19/20.
1 Contributions from policy changes beginning
FY 23-24.
City of Sutter creek 8
Combined Miscellaneous
& Safety Groups *
Valuation as of
June 30, 2019
Valuation as of
June 30, 2020
Change
Actuarial Liability $13.5 M $13.7 M 1.5% ↑
Assets $9.6 M $9.5 M 0.5% ↓
Unfunded Liability $3.9 M $4.1 M 6.3% ↑
Funded Ratio 71.2% 69.8% 1.9% ↓
Employer Contribution Amount $391,851 $414,412 5.8% ↑
(FY 20-21) (FY 21-22)
Employer Contribution Amount – Projected *
---
$583,251 40.7% ↑
(FY 27-28)
Pension Funding Status
As of June 30, 2020, City of Sutter Creek’s CalPERS pension plan is funded as follows:
* Data through 2027-28 from Agency’s latest CalPERS actuarial valuation.
City of Sutter creek 9
Why Prefund Pension Obligations?
Complete Local Control over Assets
City has complete control over assets, including contributions, disbursements and the timing, amount, and risk tolerance level of investments
1. Pension Rate Stabilization
Assets can be transferred to the retirement system at the City’s direction, potentially reducing/eliminating large fluctuations in employer contribution amounts
2. Rainy Day Fund
Emergency source of funds when employer revenues are strained in difficult budgetary or economic times
3. Diversification
Allows for investment flexibility and offers the potential for assets to earn greater returns than the general fund; spread the risk vs. sending additional money to CalPERS
4. City of Sutter creek 10
1. Input Phase
– Target discount rate
– Risk tolerance
– Investment philosophy
– Asset allocation
– Timing on use of funds
2. Model Portfolios 3. Dedicated Portfolio Manager
– Makes recommendation
– Fiduciary responsibility
– Drafts investment policy
– Annual on-site reviews
– Cell phone access
Strategy Equity
Capital Appreciation 65-85%
Balanced 50-70%
Moderate 40-60%
Moderately Conservative 20-40%
Conservative 5-20%
Simple Investment Approach
City of Sutter creek 11
Strategy Equity (%) 1 Year 3 Years 5 Years 10 Years
Capital
Appreciation 65-85% 4.22% 11.34% 9.99% 9.19%
Balanced 50-70% 2.49% 9.69% 8.73% 7.94%
Moderate 40-60% 1.50% 8.42% 7.64% 6.99%
Moderately
Conservative 20-40% -0.56% 5.80% 5.48% 5.16%
Conservative 5-20% -2.02% 3.88% 3.92% 3.79%
HighMark Capital Management
ACTIVE PORTFOLIO RETURNS
* Past performance does not guarantee future results.
As of March 31, 2022
City of Sutter creek 12
Plan Set-Up Fee: Ongoing Fees:
None 0.35% for assets under $5 million
0.25% for assets $5-10 million
0.20% for assets $10-15 million
0.15% for assets $15-50 million
0.10% for assets over $50 million
Program Fees
Plan Set-Up Fee: Ongoing Fees:
None 0.25% for assets $0-10 million
0.20% for assets $10-15 million
0.15% for assets $15-50 million
0.10% for assets over $50 million
* PARS does not receive any compensation from the investments or any commissions, back-end loads, or any other forms of compensation. ** Subject to change due to rebalancing, as fees are waived for plan assets in First American Funds (money market) Trust Administration/Consulting Fees*
Discretionary Trustee/Investment Management Fees**
As of March 31, 2021
City of Sutter creek 13
Why take this step?
1. Smooths out pension rate volatility
2. Offers Hedge against Inflation
3. Provides a fiscal tool in your financial toolbox
4. Prepares today for tomorrow’s pension realities
Questions?
Steps to implementation 1
Steps to Implementation
1 City Council adopts resolution authorizing City to join PARS Combo Trust and appoints Plan Administrator (PA)
2 City sends signed copy of resolution to PARS
3 PARS sends set of signature-ready documents to City
4 PARS coordinates meeting with City and Highmark Capital Management to discuss investment options and select strategy
5 City signs documents and returns to PARS
6 PARS works with Trustee/U.S. Bank to establish account 7 PARS notifies City account is ready and includes Contribution Instructions 8 City makes Contribution using Transmittal Form
9 PARS and Highmark conduct annual reviews (unless more frequently desired)
PENSION OPEB HM MANAGED
FEESCH 103 11.20.2017
Discretionary Trustee Fee Schedule
PARS Pension / OPEB Trust Program
This document is entered into by client and U.S. Bank National Association (“U.S. Bank”), as trustee.
Discretionary Trustee Fees
Discretionary Trustee Fees are based on the Investment Strategy you select. Following is a list of the Discretionary Trustee Fees applicable to each Investment Strategy:
■ Liquidity – First American U.S. Treasury Money Market – Fund level fees only (see prospectus) ■ Liquidity – First American Prime Obligation Fund Class Z – Fund level fees only (see prospectus) ■ Diversified Portfolios (Conservative, Moderately Conservative, Moderate, Balanced, Capital Appreciation, Custom) Per Annum Charges*
.35% on the first $5,000,000
.25% on the next $5,000,000
.20% on the next $5,000,000
.15% on the next $35,000,000
.10% on all over $50,000,000
*Waived for plan assets invested in First American Funds.
Other Fees
First American Funds (see prospectus)
Payment of Fees
■ Market values used for fee calculations on fee invoices may differ slightly from market values on client statements due to posting of accruals, late pricing of securities and/or other timing issues. ■ Fees are calculated and charged to the account monthly. If account cannot be charged after 30 days, fees not paid will be subject to a late charge of 1% per month on the unpaid balance. ■ Changes to this Fee Schedule may be made at any time by U.S. Bank upon a sixty (60) days notice.
Acknowledged and Approved
Public Agencies Post-Employment Benefits Trust
Name of Plan/Trust Name of Employer
Print Name of Authorized Signer for Employer Title of Authorized Signer for Employer Signature of Authorized Signer for Employer Date
U.S. Bank and its representatives do not provide tax or legal advice. Each client’s tax and financial situation is unique. Clients should consult their tax and/or legal advisor for advice and information concerning their particular situation.
SAMPLE
AGREEMENT FOR ADMINISTRATIVE SERVICES
This agreement (“Agreement”) is made this _____ day of _____________, 2022, between Phase II Systems, a corporation organized and existing under the laws of the State of California, doing business as Public Agency Retirement Services and PARS (hereinafter “PARS”) and the [Agency Name] (“Agency”).
WHEREAS, the Agency has adopted the PARS Public Agencies Post-Employment Benefits Trust for the purpose of pre-funding pension obligations and/or Other Post-Employment Benefits (“OPEB”) obligations (“Plan”) and is desirous of retaining PARS as Trust Administrator to the Trust, to provide administrative services.
NOW THEREFORE, the parties agree:
1. Services. PARS will provide the services pertaining to the Plan as described in the exhibit attached hereto as “Exhibit 1A” (“Services”) in a timely manner, subject to the further provisions of this Agreement.
2. Fees for Services. PARS will be compensated for performance of the Services as described in the exhibit attached hereto as “Exhibit 1B”.
3. Payment Terms. Payment for the Services will be remitted directly from Plan assets unless the Agency chooses to make payment directly to PARS. In the event that the Agency chooses to make payment directly to PARS, it shall be the responsibility of the Agency to remit payment directly to PARS based upon an invoice prepared by PARS and delivered to the Agency. If payment is not received by PARS within thirty (30) days of the invoice delivery date, the balance due shall bear interest at the rate of 1.5% per month. If payment is not received from the Agency within sixty (60) days of the invoice delivery date, payment plus accrued interest will be remitted directly from Plan assets, unless PARS has previously received written communication disputing the subject invoice that is signed by a duly authorized representative of the Agency.
4. Fees for Services Beyond Scope. Fees for services beyond those specified in this Agreement will be billed to the Agency at the rates indicated in the PARS’ standard fee schedule in effect at the time the services are provided and shall be payable as described in Section 3 of this Agreement. Before any such services are performed, PARS will provide the Agency with a detailed description of the services, terms, and applicable rates for such services. Such services, terms, and applicable rates shall be agreed upon in writing and executed by both parties.
5. Information Furnished to PARS. PARS will provide the Services contingent upon the Agency providing PARS the information specified in the exhibit attached hereto as “Exhibit 1C” (“Data”). It shall be the responsibility of the Agency to certify the accuracy, content, and completeness of the Data so that PARS may rely on such information without further audit. It shall further be the responsibility of the Agency to deliver the Data to PARS in such a manner that allows for a reasonable amount of time for the Services to be performed. Unless specified in Exhibit 1A, PARS shall be under no duty to question Data received from the Agency, to compute contributions made to the
Plan, to determine or inquire whether contributions are adequate to meet and discharge liabilities under the Plan, or to determine or inquire whether contributions made to the Plan are in compliance with the Plan or applicable law. In addition, PARS shall not be liable for nonperformance of Services to the extent such nonperformance is caused by or results from erroneous and/or late delivery of Data from the Agency. In the event that the Agency fails to provide Data in a complete, accurate and timely manner and pursuant to the specifications in Exhibit 1C, PARS reserves the right, notwithstanding the further provisions of this Agreement, to terminate this Agreement upon no less than ninety (90) days written notice to the Agency.
6. Records. Throughout the duration of this Agreement, and for a period of five (5) years after termination of this Agreement, PARS shall provide duly authorized representatives of Agency access to all records and material relating to calculation of PARS’ fees under this Agreement. Such access shall include the right to inspect, audit and reproduce such records and material and to verify reports furnished in compliance with the provisions of this Agreement. All information so obtained shall be accorded confidential treatment as provided under applicable law.
7. Confidentiality. Without the Agency’s consent, PARS shall not disclose any information relating to the Plan except to duly authorized officials of the Agency, subject to applicable law, and to parties retained by PARS to perform specific services within this Agreement. The Agency shall not disclose any information relating to the Plan to individuals not employed by the Agency without the prior written consent of PARS, except as such disclosures may be required by applicable law.
8. Independent Contractor. PARS is and at all times hereunder shall be an independent contractor. As such, neither the Agency nor any of its officers, employees or agents shall have the power to control the conduct of PARS, its officers, employees, or agents, except as specifically set forth and provided for herein. PARS shall pay all wages, salaries, and other amounts due its employees in connection with this Agreement and shall be responsible for all reports and obligations respecting them, such as social security, income tax withholding, unemployment compensation, workers’ compensation, and similar matters.
9. Indemnification. PARS and Agency hereby indemnify each other and hold the other harmless, including their respective officers, directors, and employees, from any claim, loss, demand, liability, or expense, including reasonable attorneys’ fees and costs, incurred by the other as a consequence of, to the extent, PARS’ or Agency’s, as the case may be, negligent acts, errors or omissions with respect to the performance of their respective duties hereunder.
10. Compliance with Applicable Law. The Agency shall observe and comply with federal, state, and local laws in effect when this Agreement is executed, or which may come into effect during the term of this Agreement, regarding the administration of the Plan.
PARS shall observe and comply with federal, state, and local laws in effect when this Agreement is executed, or which may come into effect during the term of this Agreement, regarding Plan administrative services provided under this Agreement.
11. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. In the event any party institutes legal proceedings to enforce or interpret this Agreement, venue and jurisdiction shall be in any state court of competent jurisdiction.
12. Force Majeure. When a party’s nonperformance hereunder was beyond the control and not due to the fault of the party not performing, a party shall be excused from performing its obligations under this Agreement during the time and to the extent that its performance is prevented by such cause. Such cause shall include, but not be limited to:
any incidence of fire, flood, acts of God or unanticipated communicable disease, acts of terrorism or war commandeering of material, products, plants or facilities by the federal, state or local government, a material act or omission by the other party or any law, ordinance, rule, guidance or recommendation by the federal, state or local government, or any agency thereof, which becomes effective after the date of this Agreement that delays or renders impractical either party’s performance under the Agreement.
13. Ownership of Reports and Documents. The originals of all letters, documents, reports, and data produced for the purposes of this Agreement shall be delivered to and become the property of the Agency. Copies may be made for PARS but shall not be furnished to others without written authorization from Agency.
14. Designees. The Plan Administrator of the Agency, or their designee, shall have the authority to act for and exercise any of the rights of the Agency as set forth in this Agreement, subsequent to and in accordance with the written authority granted by the Governing Body of the Agency, a copy of which writing shall be delivered to PARS.
Any officer of PARS, or his or her designees, shall have the authority to act for and exercise any of the rights of PARS as set forth in this Agreement.
15. Notices. All notices hereunder and communications regarding the interpretation of the terms of this Agreement, or changes thereto, shall be effected by delivery of the notices in person or by depositing the notices in the U.S. mail, registered or certified mail, return receipt requested, postage prepaid and addressed as follows:
(A) To PARS: PARS; 4350 Von Karman Avenue, Suite 100, Newport Beach, CA 92660; Attention: President
(B) To Agency: [Agency]; [Agency Address]; Attention: [Plan Administrator Title] Notices shall be deemed given on the date received by the addressee.
16. Term of Agreement. This Agreement shall remain in effect for the period beginning _______________, 2022 and ending _____________, 2025 (“Term”). This Agreement may be terminated at any time by giving thirty (30) days written notice to the other party of the intent to terminate. Absent a thirty (30) day written notice to the other party of the intent to terminate, this Agreement will continue unchanged for successive twelve-month periods following the Term.
17. Amendment. This Agreement may not be amended orally, but only by a written instrument executed by the parties hereto.
18. Entire Agreement. This Agreement, including exhibits, contains the entire understanding of the parties with respect to the subject matter set forth in this Agreement.
In the event a conflict arises between the parties with respect to any term, condition or provision of this Agreement, the remaining terms, conditions, and provisions shall remain in full force and legal effect. No waiver of any term or condition of this Agreement by any party shall be construed by the other as a continuing waiver of such term or condition.
19. Attorneys Fees. In the event any action is taken by a party hereto to enforce the terms of this Agreement the prevailing party herein shall be entitled to receive its reasonable attorney’s fees.
20. Counterparts. This Agreement may be executed in any number of counterparts, and in that event, each counterpart shall be deemed a complete original and be enforceable without reference to any other counterpart.
21. Headings. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions.
22. Effective Date. This Agreement shall be effective on the date first above written, and also shall be the date the Agreement is executed.
AGENCY:
BY:
Plan Administrator Name
TITLE:
DATE:
PARS:
BY:
Tod Hammeras
TITLE: Chief Financial Officer
DATE:
EXHIBIT 1A
SERVICES
PARS will provide the following services for the [Agency Name] Public Agencies PostEmployment Benefits Trust:
1. Plan Installation Services:
(A) Meeting with appropriate Agency personnel to discuss plan provisions, implementation timelines, actuarial valuation process, funding strategies, benefit communication strategies, data reporting, and submission requirements for contributions/reimbursements/distributions;
(B) Providing the necessary analysis and advisory services to finalize these elements of the Plan;
(C) Providing the documentation needed to establish the Plan to be reviewed and approved by Agency legal counsel. Resulting final Plan documentation must be approved by the Agency prior to the commencement of PARS Plan Administration Services outlined in Exhibit 1A, paragraph 2 below.
2. Plan Administration Services:
(A) Monitoring the receipt of Plan contributions made by the Agency to the trustee of the PARS Public Agencies Post-Employment Benefits Trust (“Trustee”), based upon information received from the Agency and the Trustee;
(B) Performing periodic accounting of Plan assets, reimbursements/distributions, and investment activity, based upon information received from the Agency and/or Trustee;
(C) Coordinating the processing of distribution payments pursuant to authorized direction by the Agency, and the provisions of the Plan, and, to the extent possible, based upon Agency-provided Data;
(D) Coordinating actions with the Trustee as directed by the Plan Administrator within the scope of this Agreement;
(E) Preparing and submitting a monthly report of Plan activity to the Agency, unless directed by the Agency otherwise;
(F) Preparing and submitting an annual report of Plan activity to the Agency; (G) Facilitating actuarial valuation updates and funding modifications for compliance with the applicable GASB pronouncements and/or statements, if prefunding OPEB obligations;
(H) Coordinating periodic audits of the Trust;
(I) Monitoring Plan and Trust compliance with federal and state laws.
3. PARS is not licensed to provide and does not offer tax, accounting, legal, investment or actuarial advice.
EXHIBIT 1B
FEES FOR SERVICES
PARS will be compensated for performance of Services, as described in Exhibit 1A based upon the following schedule:
An annual asset fee shall be paid from Plan assets based on the following schedule:
For Plan Assets from: Annual Rate:
$1 to $10,000,000 0.25%
$10,000,001 to $15,000,000 0.20%
$15,000,001 to $50,000,000 0.15%
$50,000,001 and above 0.10%
Annual rates are prorated and paid monthly. The annual asset fee shall be calculated by the following formula [Annual rate divided by 12 (months of the year) multiplied by the Plan asset balance at the end of the month]. Trustee and Investment Management Fees are not included.
EXHIBIT 1C
DATA REQUIREMENTS
PARS will provide the Services under this Agreement contingent upon receiving the following information. Agency is solely responsible for ensuring that all information and documentation provided to PARS is true, correct, and authorized:
1. Executed Legal Documents:
(A) Certified Resolution
(B) Adoption Agreement to the Public Agencies Post-Employment Benefits Trust (C) Trustee Investment Forms
2. Contribution – completed Contribution Transmittal Form signed by the Plan Administrator (or authorized Designee) which contains the following information:
(A) Agency name
(B) Contribution amount
(C) Contribution date
(D) Contribution method (Check, ACH, Wire)
3. Distribution – completed Payment Reimbursement/Distribution Form signed by the Plan Administrator (or authorized Designee) which contains the following information:
(A) Agency name
(B) Payment reimbursement/distribution amount
(C) Applicable statement date
(D) Copy of applicable premium, claim, statement, warrant, and/or administrative expense evidencing payment
(E) Signed certification of reimbursement/distribution from the Plan Administrator (or authorized Designee)
4. Other information pertinent to the Services as reasonably requested by PARS and Actuarial Provider.
RESOLUTION NO. ______
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SUTTER CREEK
APPROVING THE ADOPTION OF THE
PUBLIC AGENCIES POST-EMPLOYMENT BENEFITS TRUST
ADMINISTERED BY PUBLIC AGENCY RETIREMENT SERVICES (PARS) WHEREAS, PARS has made available the PARS Public Agencies Post-Employment Benefits Trust (the “Program”) for the purpose of pre-funding pension obligations and/or OPEB obligations; and WHEREAS, the City of Sutter Creek (“City”) is eligible to participate in the Program, a tax-exempt trust performing an essential governmental function within the meaning of Section 115 of the Internal Revenue Code, as amended, and the Regulations issued there under, and is a tax-exempt trust under the relevant statutory provisions of the State of California; and WHEREAS, the City’s adoption and operation of the Program has no effect on any current or former employee’s entitlement to post-employment benefits; and
WHEREAS, the terms and conditions of post-employment benefit entitlement, if any, are governed by contracts separate from and independent of the Program; and
WHEREAS, the City’s funding of the Program does not, and is not intended to, create any new vested right to any benefit nor strengthen any existing vested right; and
WHEREAS, the City reserves the right to make contributions, if any, to the Program.
NOW THEREFORE, BE IT RESOLVED THAT:
1. The City Council hereby adopts the PARS Public Agencies Post-Employment Benefits Trust, effective ______________________; and
2. The City Council hereby appoints the (POSITION OR TITLE) , or his/her successor or his/her designee as the City’s Plan Administrator for the Program; and
3. The City’s Plan Administrator is hereby authorized to execute the PARS legal and administrative documents on behalf of the City and to take whatever additional actions are necessary to maintain the City’s participation in the Program and to maintain compliance of any relevant regulation issued or as may be issued; therefore, authorizing him/her to take whatever additional actions are required to administer the City’s Program.
AYES: NOES: ABSENT: ABSTAIN:
STATE OF CALIFORNIA
COUNTY OF AMADOR
____________________, the City Clerk of the City of Sutter Creek, State of California, hereby certifies that the above foregoing resolution was duly and regularly adopted by said City at a regular meeting thereof held on the __________ and passed by a __________ vote of said Council.
IN WITNESS WHEREOF I have hereunto set my hand and seal this _______________, 2022. ________________________________
City Clerk