TITLE
Title
APPROPRIATE ADDITIONAL FUNDS TO SEPARATION ALLOWANCE FOR LAW ENFORCEMENT OFFICERS - $325,791
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SPONSOR
Sponsor
Michael Halford
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BACKGROUND
Background
A total of $1,060,000 was included in the FY 2017 budget for the County's required contribution for the Separation Allowance for Law Enforcement Officers (LEOSSA) which funds monthly allowances for eligible retired law enforcement officers until they reach age 62. Each year, the County's actual requirement payment is not known until an annual actuarial valuation is prepared. This valuation report is received after the annual budget is finalized. This year, Finance has received notification that the amount due from the County is $1,385,791 -- an increase of $325,791 over the adopted budget amount. See the attached letters from Finance Director Reid Baker and Cavanaugh Macdonald Consulting for more information.
An additional $325,791 needs to be appropriated to Law Enforcement to cover the actual LEOSSA invoice.
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BUDGET IMPACT
Budget Impact
Budget Ordinance Amendment
General Fund
$325,791 Increase Appropriated Fund Balance
$325,791 Increase to Law Enforcement
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REQUESTED ACTION
Requested Action
Appropriate an additional $325,791 of Fund Balance and increase the Law Enforcement budget by $325,791 to reflect an increase in the County's FY 2016-17 charge for the Separation Allowance for Law Enforcement Officers.
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