HomeMy WebLinkAboutAgenda Statement 1979/01/09 Item 11CITY OF CHl1LA VISTA '
COUNCIL AGENDA STATEMENT Item No. 11
For meeting of 1/9/79
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ITEM TITLE Resolution g ~7 s Appropriating Federal Anti-Recession Funds
SUBMITTED B~~'"' ector of Finance
ITEM EXPLANATION (4/5TN'S VOTE REQUIRED YES. X NO )
We received our last advance quarterly payment of Federal Anti-Recession
Assistance money on July 6, 1978. As you will recall, the Federal Govern-
ment terminated the Federal Anti-Recession Fiscal Assistance Program (AREA)
on September 30, 1978.
The final quarterly payment of $28,369.00 represents one of the smallest
payments the City has received during the program. The final quarterly
payment and investment income must be expended or appropriated by
January 14, 1979.
Since the inception of the program on July 1, 1976, the City has received
a total of $799,310 from the Anti-Recession Fiscal Assistance Program.
EXHIBITS
Agreement Resolution Ordinance Plat Notification List
Other ENVIRONMENTAL DOCUMENT: Attached Submitted on
FINANCIAL IMPACT
Proposition 13 has effectively eliminated levying a property tax for
employees retirement. The use of Anti-Recession Fiscal Assistance Funds
to supplement employer's retirement costs will help meet basic service
costs and provide financial assistance to the General Fund.
STAFF RECOMMENDATION
It is my recommendation that our final quarterly payment of $28,369.00 plus
our investment income of $9,414.13, or a total of $37,783.13 be appropriated
for employer's contributions to the Public Employees Retirement System.
BOARD/COMMISSION RECOMMENDATION
N/A
COUNCIL ACTION
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