BUDGET GUIDELINES
At the conclusion of each fiscal year, the City Manager will make available a preliminary year-end General Fund, fund balance. It should be recognized, however, that the balance provided is subject to both unforeseen financial transactions of a material nature and subject to findings of the independent audit. An audit verified year-end balance will be available by the end of November and will be included within the year-end budget analysis report. At the conclusion of the 1 st fiscal quarter, and quarterly thereafter, a financial report, which evaluates and details financial performance relative to the adjusted budget shall be provided to the Finance Commission and City Council. Retirement Plan Administration The City’s retirement plans shall be in conformance with the Memorandum of Understanding with each of the employees associations. This Plan was only available to those Public Safety sworn employees hired before February 2, 2002, who elected to remain in this plan. This plan is now closed. A Board of Trustees comprised of three members of City management appointed by the City Manager shall administer the plan. Retirement plan investment vehicles are governed by a different set of guidelines than City investments. The Defined Benefit Pension Plan investments shall be controlled by the Trustee, which shall include adherence to the prudent investor rule, the safety of principal, liquidity, and reasonable rate of return. The City’s CPA Firm shall conduct an annual audit and submit an Audit Report and Audit Communication Letter to the City Council, Finance Commission, City Manager, and Board of Trustees. The Defined Benefit Pension Plan shall have an annual actuarial study performed. CalPERS Defined Benefit Pension Plan for Sworn Employees. This Plan is available to those sworn employees employed on February 2, 2002, who elected to transfer from the City’s Defined Benefit Pension Plan and is mandatory for those Public Safety sworn employees hired after February 2, 2002. CalPERS acts as a common investment and administrative agent for participating public entities within the State of California. Benefit provisions and all other requirements are established by state statute and City ordinance. Plans for Public Safety Sworn Employees City of Irvine Defined Benefit Pension Plan
Plans for Miscellaneous Non-Sworn Employees
The City of Irvine Defined Contribution Pension Plan
This Plan was only available to those miscellaneous non-sworn employees hired before July 1, 2003, who elected to remain in this plan. This plan is now closed.
FY 2019-21 Proposed Budget
525
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