FINANCIAL RESERVES POLICY - Laserfiche WebLink

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Fu'nding: The ideal target balance is 85%-115% of retiree liabilities. The District has been transferring annual Salary and Benefits savings to the Pension Stabilization Reserve to reach this goal. This reserve balance is $5.31 million at June 30., 2021, which means the District has reached 99% of the projected retiree liabilities. Knowing the turbulent history of retiree liabilities and markets; guideline recommendations for funding this reserve based on the percent of projected liabilities funded at the end of each fiscal year with Board review and direction to consider: Below 85%: transfer annual Salary and Benefits savings and unassigned funds as determined by the annual Board review of the Reserve funds and Policy if available. Between 85% and 100%: transfer annual Salary and Benefits savings. Between 100% and 115%: do not transfer annual Salary and Benefits savings. Over 115%: use reserve funds for normal cost annual contributions. Over 130%: use reserve funds for normal const annual contributions and additional discretionary payments to CaIPERS . Capital Facilities and Property Acquisition Reserve Purpose: The Capital Facilities and Property Acquisition Reserve is committed for the costs associated with adding and replacing capital facilities and acquiring new park properties for the purposes of Maintaining the Districts parks -per -person goals. Use of Funds: The Capital Facilities and Property Acquisition Reserve is set aside to provide funding associated with the planning, design, funding options, acquisition 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 June 30, 2021. The ideal target balance is $182.5 million. This target includes the total of identified, yet unfunded projects in the ten-year Capital Improvements Plan (year x) and the anticipated need for acquisition costs based on the number of acres needed to meet the District's parks -per -person goals and the average costs for acquisition and development of an acre. The District is currently 53 acres deficient of the parks -per -person ratio. In addition,, the City of Thousand Oaks General Plan includes a minimum of 2,615 additional housing units and a maximum of 33,043. Accordingly., the District would require $20 million - $300 million to maintain the parks -per -person goals at those levels. For this reserve,. the District assumes a minimum of 5,000 new housing units. CIP year x total: $53 million Current Acreage Deficiency: $79.5 million Parks -per -Person need: $50 million Total: $182.5 million 1/21/2021— Revised Version Reviewed and Adopted by CRPD Board 12/2/2021— Revised Version Page 3