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Appropriation Agreement to Contribute to <br />The City's Pension Stability Fund <br />December 20, 2016 <br />Page 2 <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's effort to meet Goal #4 — City Financial Stability, <br />Objective #1 (maintain a stable, efficient and transparent financial environment). <br />FISCAL IMPACT <br />Approval of the Appropriation Adjustment will designate $500,000 from Fiscal Year 2015-16 <br />General Fund ending fund balance to the following account: <br />Finance & Management Services (Management & Support Services) — <br />Pension Stability — 01110100-62303 in the amount of $500,000. <br />Currently, the City has elected to invoice and pay PARS (administration and investment <br />management fee) directly. Fees assessed and invoiced by PARS to the City are subject to <br />amount of funds (Plan Contributions) transferred by the City for an amount of $10,000 based on <br />the plan contribution assumptions. The fee will be budgeted and available in the Finance <br />Management and Support Services account (01110100-62300) as follows: <br />Fiscal Year <br />Amount <br />2016-17 <br />$ 3,333 <br />2017-18 <br />$ 3,333 <br />2018-19 <br />$ 3,334 <br />However, in future fiscal years the City will analyze plan assets to determine if investment gains <br />are sufficient to offset any incurred fees (Annual Asset Fee). Thus, the City would not be <br />invoiced and the Annual Asset fee will be paid directly from Plan Assets. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />"t��ce�yoT. NZ, r 0 <br />Francisco Gutierrez <br />Executive Director <br />Finance and Management Services Agency <br />SV <br />20B-2 <br />