HomeMy WebLinkAboutReso 1997-18633 RESOLUTION NO. 18633
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING THE MAYOR TO EXECUTE A CONTRACT
WITH MUNICIPAL RESOURCE CONSULTANTS FOR THE
PURPOSE QF DETERMINING IF THE CITY IS ENTITLED TO
ADDITIONAL PENSION SURPLUSES TO OFFSET EMPLOYEE
BENEFIT COSTS
WHEREAS, Municipal Resource Consultants ("MRC") has contacted the City seeking
authorization to conduct an analysis of our pension accounts to determine if PERS has
undervalued our current and prior surpluses and to seek an extension of the June 30, 1997,
deadline so that our unused surpluses, or surpluses newly identified by MRC as of July 1,
1997, may be used to offset our current and future pension benefit costs; and
WHEREAS, this proposal would authorize MRC to conduct an analysis of the City's
pension accounts to determine if new additional surpluses can be identified which otherwise
will be lost; and
WHEREAS, MRC has structured its service to be self-funding to avoid creating an
expenditure impact on the City's budget and their fee equals 10 percent of any new surpluses
identified by MRC and realized by the City, that become eligible for use after July 1, 1997.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby authorize the Mayor to execute a contract with Municipal Resource Consultants for
the purpose of determining if the City is entitled to additional pension surpluses to offset
employee benefit costs, on file in the Office of the City Clerk known as Document No. C097-
033.
Presented by Approved as to form by
Resolution 18633
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 22nd day of April, 1997, by the following vote:
AYES: Councilmembers: Moot, Padilia, Rindone, Salas, and Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
S'~~hir;Horton, Mayor
ATTEST:
Beverly A2rAut~elet, City Clerl~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18633 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 22nd day of April,
1997.
Executed this 22rid day of April, 1997.
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