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<br /> 7A
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<br />Staff is recommending a phased in approach for increased funding of the ARC over four
<br />years until the ARC is fully funded in the fourth year of implementation (2010/11). Staff
<br />proposes the following schedule:
<br /> Proposed Additional
<br /> Additional Proposed Charge as a Net
<br /> Current Balance Payroll Additional % of Total Unfunded
<br /> ARC Pay-Go Remaining Charge% Charge $ Revenues ARC
<br />General Fund
<br />2007-08 3.627,031 1,175,918 2.451,113 1.00% 363,100 0.49% 2,088,012
<br />2008-09 3,706.826 1 ,411 ,102 2,295,724 2.00% 755,249 0.97% 1,540,475
<br />2009-1 0 3,788,376 1,693,322 2,095,054 3.00% 1,178,188 1.46% 916,865
<br />2010-11 3,875,509 2,031,987 1,843,522 4.50% 1,837,974 2.17% 5,548
<br />Enterprise Funds
<br /> % Set to
<br />Water Fund Fully Fund
<br />2007-08 352,856 159,000 193,856 5.49% 193,856 1.01% 0.00
<br />Sewer Fund
<br />2007 -08 132,589 63,000 69,589 5.24% 69,589 0.56% 0.00
<br />The above figures are based on projections for the General Fund, Water Fund and Sewer Fund. All funds with employee costs will be
<br />impacted.
<br />Decisions should be made by the end of November 2006 if the any additional costs of
<br />OPEB in excess of the "pay-as-you-go" amount are to be included in the budget for FY
<br />2007/08.
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<br />Brian J. Panty Ed~i'~rett l,/ .... '" !
<br />Director of Finance and City Manager
<br />Attachment
<br />I - Utility Users' Tax Article from Wall Street Journal
<br />II - Governmental Accounting Standards Board Statement No. 45 -
<br />Other Post Employment Benefits
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