STRATEGIC BUSINESS PLAN
levels. In total, over $16.2 million has already been repaid to the AMP from the FY 2012-13 through FY 2017-18 General Fund closeout surplus, as well as pre-payment and rate savings.
Recognizing that economic conditions, earnings rates and CalPERS actuarial assumptions are fluid, the plan adopted by the City Council is a dynamic plan. The plan was implemented with the expectation it will be adjusted over time and can be stopped and started again if deemed necessary by the City Council due to a recession or for other reasons. Additional funding can also be contributed to offset adverse actuarial impacts or to further accelerate payment of the unfunded liability, as year-end surplus and other discretionary funds become available. In addition to the Plan adopted by the City Council outlined above, City Council directed staff to pay employer pension costs, in a single lump sum at the beginning of the year, when possible, to take advantage of savings provided by CalPERS. Staff was directed to return to the City Council each subsequent year to make a recommendation regarding future year lump-sum prepayments. This recommendation will be part of the bi-annual budget presented to the City Council for consideration. When the lump-sum payment option is elected, the payment will be recorded in the City’s Payroll Clearing Fund. These savings will help to replenish funds borrowed from the AMP more quickly than would otherwise be possible. Additional prepayments may be made in future years subject to evaluation and discretion of the City Council. Orange County Great Park The Great Park Strategic Business Plan (GP-SBP) is based upon existing agreements, prior Great Park Board (Board), and City Council policy direction, actions, as well as forecasts of available funding.
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FY 2019-21 Proposed Budget
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