FINANCIAL RESERVES POLICY - Laserfiche WebLink

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Funding: As of January 16, 2020, the balance in this reserve is $1.54 million, which fully funds the projected liability. Pension Stabilization Reserve Purpose: The Pension Stabilization Reserve is committed for pension and OPEB obligations. Use of Funds: The Pension Stabilization Reserve is set aside for funding of pension and OPEB costs and the associated unfunded accrued liabilities and may be used to supplement annual budgeted pension/OPEB expenses and for. reduction in the unfunded accrued liabilities. On June 6, 2019 the Board of Directors authorized transfer of $6 million to an IRS Section 115 Trust at PARS. On January 16, 2020, the Board of Directors authorized transfer of additional $2.16 million to the trust. Funding: This reserve balance is $2.00 million at January 16, 2020. Capital Facilities Reserve Purpose: The Capital Facilities Reserve is committed for the costs associated with adding and replacing capital facilities. Use of Funds: The Capital Facilities Reserve is set aside to provide funding associated with the planning, design, funding options and actual construction of capital facilities such as, but not limited to, buildings, parking lots, lighting, playgrounds, walkways, and irrigation systems. Funding: This reserve balance is $510,000 at January 16, 2020.