Minutes 09/10/2024 - Laserfiche WebLink

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September 10, 2024  The Resolution proposed for Council consideration as Item (B) establishes a policy that decisions regarding the payment of Closed Retirement System supplements shall be incorporated into the annual budget process and shall not be revisited after the budget adoption process is complete.  Incorporating decisions about the payment of beneficiary supplements into the budget adoption process will provide more stability both for retirees (who will have advance knowledge of whether and in what amount supplements will be paid) and the City (which will have more certainty about the expenditures that will be required during the fiscal year). Financial Impact:  Fund balance in the amount of $1,400,000 will be appropriated to the FY 2025 General Fund Budget for the purpose of paying a supplement in the gross amount of $1,500 to beneficiaries under the City’s Closed Retirement Systems.  In future fiscal years, budgetary certainty will be increased by evaluating the payment of retiree supplements as part of the budget adoption process. Recommended Action:  Adoption of the ordinance.  Adoption of the resolution. Next Steps Following Council Action:  The Finance Department will complete the necessary budget adjustments.  The City Manager will establish the timing for payment of the $1,500 supplements. 24-257a : 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in opposition to this item. 2. Garland Alexander, 2913 Tanbark Lane, spoke in support of this item. Motion by Mr. Moody, and seconded by Mr. Tillage, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE AUTHORIZING THE APPROPRIATION OF $1,400,000 FROM THE FUND BALANCE OF THE GENERAL FUND TO THE NON-DEPARTMENTAL, BENEFITS - RETIREE SUPPLEMENT LINE ITEM IN THE FY 2025 GENERAL FUND BUDGET FOR THE PURPOSE OF FUNDING A ONE-TIME SUPPLEMENT IN THE GROSS AMOUNT OF $1,500 TO BENEFICIARIES UNDER THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM AND THE FIRE AND POLICE RETIREMENT SYSTEM. ” Ayes: Barnes, Hugel, Lucas-Burke, Moody, Tillage, Glover Nays: Whitaker 24-257b: 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in opposition to this item. 2. Garland Alexander, 2913 Tanbark Lane, spoke in support of this item. Motion by Mr. Moody, and seconded by Mr. Hugel, to adopt the following ordinance, and was adopted by the following vote: “RESOLUTION ESTABLISHING A POLICY REGARDING THE BUDGETING AND PAYMENT OF SUPPLEMENTS TO BENEFICIARIES OF THE FIRE AND POLICE RETIREMENT SYSTEM AND THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM.