HomeMy WebLinkAboutAgenda Statement 1978/07/11 Item 19-A~~~~~tOUS CONSENT` ITEN
CITY OF CHULA VISTA
COUNCIL AGENDA STATEMENT Item No.l_
For meeting of 7/11/78
ITEM TITLE Resolution ~ 1-b ~ Appropriating Federal Anti-Recession Funds
SUBMITTED BY Director of Finance
ITEM EXPLANATION (4/5TH'S VOTE REQUIRED YES NO )
The Anti-Recession Fiscal Assistance Program (AREA), authorized originally
by the provisions of Title II, Public Works Act of 1976, was extended
through September 30, 1978. The City Council, as recommended, has appro-
priated our first six (6) quarterly payments totalling $575,001.00 and
$10,221.78 of investment income to the Retirement Fund to supplement the
employer's cost for Retirement. Since the past action in January, 1978,
we have received two additional quarterly payments. One in January in the
amount of $139,757.00 and one in April in the amount of $56,183.00, or a
total of $195,940.00. In addition, we have received investment income of
$18,539.29. The quarterly payments and investment income, which total
$214,479.29, must be expended or appropriated by July 14, 1978.
tXNltill5
Agreement Resolution Ordinance Plat Notification List
Other ENVIRONMENTAL DOCUMENT: Attached Submitted on
FINANCIAL IMPACT
By the passage of Proposition 13, the property tax rate allocated for
Retirement has been effectively eliminated. The use of Anti-Recession
Funds to supplement Employer's Retirement Costs will aid in meeting basic
service costs and provide financial assistance to the General Fund.
STAFF RECOMMENDATION
It is my recommendation that our January and April quarterly payments of
$195,940.00 and our investment income of $18,539.29, or a total of $.214,479.29,
be appropriated for Employer's Contributions to the Public Employees Retirement
System.
BOARD/COMMISSION RECOMMENDATION
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COUNCIL ACTION
APPRp vE;
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Chula Vista, C`wl~.~,~~~~~a
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Form A-
_ 9189
UNANIMOUS CONSENT FORM
IT IS HEREBY REQUESTED by the undersigned that the following
item, with the unanimous consent of the City Council of the City of
Chula Vista, be considered and acted upon by the Council pursuant
to the provisions of Sec.2.04.090 of the Chula Vista City Code.
Resolution - Appropriating Federal Anti-Recession Funds
(Signature)
Un ni ous Consent of the City Council, as ir~icated by the following
si tures:
CA-301