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Legislation #: 190154 Introduction Date: 2/21/2019
Type: Ordinance Effective Date: 3/22/2019
Sponsor: None
Title: Reducing the Contingent Appropriation by $200,000.00; appropriating $200,000.00 from the Unappropriated Fund Balance of the General Fund to the Mayor’s Pension Task Force; designating requisitioning authority; and recognizing an accelerated effective date.

Legislation History
DateMinutesDescription
2/20/2019 Filed by the Clerk's office
2/21/2019 Referred to Finance and Governance Committee
2/27/2019 Hold On Agenda (3/6/2019)
3/6/2019 Do Pass
3/7/2019 Assigned to Third Read Calendar
3/21/2019 Passed

View Attachments
FileTypeSizeDescription
190154.pdf Authenticated 102K Authenticated 190154
Pension Task Force - Funding Fact Sheet.xlsx Fact Sheet 57K Pension Task Force - Fact Sheet
Pension Task Force Fiscal Note.xlsx Fiscal Note 23K Pension Task Force - Fiscal Note
Pension Task Force Approp Admin.xlsx Other 31K Pension Task Force - Approp Worksheet

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ORDINANCE NO. 190154

 

Reducing the Contingent Appropriation by $200,000.00; appropriating $200,000.00 from the Unappropriated Fund Balance of the General Fund to the Mayor’s Pension Task Force; designating requisitioning authority; and recognizing an accelerated effective date.

 

WHEREAS, the Mayor appointed a Pension Task Force in 2011 (the “2011 Task Force”) to review the City’s four pension plans and make recommendations designed to ensure financial stability and affordability over the long-term and ensure equitable retirement benefits for all current and future City employees; and

 

WHEREAS, certain recommendations of the 2011 Task Force were implemented in 2014; and

 

WHEREAS, given current and expected investment performance coupled with changing actuarial assumptions, the City is facing budgetary pressure, and pension expenditures having doubled in the last ten years; and

 

WHEREAS, recent years have seen increased public scrutiny of public employee plans, implementation of new accounting reporting requirements, and increased interest in the impact of pensions on municipal credit ratings; and

 

WHEREAS, as a result, the Mayor appointed a Pension Task Force in 2018 (the “2018 Task Force”) whose mission is to assess the City’s pension systems and develop recommendations for the Mayor, City Council, and other governmental bodies to ensure the pension plans remain financially sustainable and affordable over the long-term for City government while providing fair and equitable retirement benefits for all current and future employees, and

 

WHEREAS, the 2018 Task Force will hire a pension consultant to assist with carrying out the above-referenced mission and needs funding to pay for this work and any additional actuarial work which may be required; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY

 

Section 1. That the appropriation in the following account of the General Fund is reduced by $200,000.00:

 

19-1000-179990-B Contingent Appropriation $200,000.00

 

Section 2. That the sum of $200,000.00 is appropriated from the Unappropriated Fund Balance of the General Fund to the following account:

 

19-1000-121025-B Mayor’s Pension Task Force $200,000.00

 

Section 3. The Director of Finance is hereby designated as requisitioning authority for Account No. 19-1000-121025.

 

Section 4. This ordinance is recognized as having an accelerated effective date within the provisions of Section 503(a)(3)(C) of the City Charter in that it appropriates money, and shall take effect in accordance with that section.

 

____________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

_________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

_________________________________

Saskia Jacobse

Assistant City Attorney