HomeMy WebLinkAbout00-006 - ADMIN Resolution - City Council - 2000/01/18RESOLUTION NO. 00-006
RESOLUTION AUTHORIZING THE RETURN OF
EXCESS FUNDING AMOUNTS
IN THE FORMER ST. LOUIS PARK POLICE AND
ST. LOUIS PARK FIRE DEPARTMENTS'
PENSION CONSOLIDATION ACCOUNTS.
WHEREAS, Minnesota Law 1999 Chapter 222, titled Omnibus Retirement Bill, has
made substantial changes to public employee pensions in Minnesota, including the total merger
of 44 police and fire consolidation accounts; and
WHEREAS, one of these changes permits the return of a portion of excess funding
amounts in police and fire consolidation accounts to the local jurisdiction; and
WHEREAS, the portions of excess funding available for return are approximately 3.1
million dollars in the St. Louis Park Fire account and approximately 3.8 million dollars in the St.
Louis Park Police account;
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of St. Louis
Park that the following plan for receipt and use of these excess fund amounts is approved:
1. The excess funding amount derived from the St. Louis Park Fire Consolidation Account
will be used to defray St. Louis Park Fire Department expenditure items.
2. The excess funding amount derived from the St. Louis Park Police Consolidation
Account will be used to defray St. Louis Park Police Department expenditure items.
3. The excess funding amounts received from the consolidation accounts will be deposited
in special funds or accounts in the municipal treasury and will be available for periodic
audits by the State Auditor.
4. The special accounts will be invested in accordance with State statute and City
investment policy, and any investment return attributable to these special account
investments will be credited to them and disbursement of these earnings will be similarly
restricted to police and fire purposes, respectively.
5. Initiatives and proposals intended to access any portion of the balances contained in these
police and fire special accounts will be managed and regulated through the normal budget
development process of the City of St. Louis Park.
Reviewed for Administration:
City Manager
Attest:
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ty Clerk
Adopted by tit CityyfCouncil January 18, 2000
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