7 desk item date AWS
TOWN OF LOS GATOS
MEETING DATE: 02/07/2017
COUNCIL AGENDA REPORT
ITEM NO: 7 DESK ITEM
DATE:
FEBRUARY 7, 2017
TO:
MAYOR AND TOWN COUNCIL
FROM:
LAUREL PREVETTI, TOWN MANAGER
SUBJECT:
ACCEPT THE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016 AS RECOMMENDED BY THE COUNCIL FINANCE COMMITTEE
REMARKS: Town staff has answered public inquiries regarding the allocation factors for the pooled safety pension plan. The following response is also being provided to the Town Council. CALPERS determines the Town’s proportionate share percentages used in determining the net pension liability for the Town’s safety employees pooled pension plan for fiscal years ending June 30, 2015 and 2016. The pool percentages are determined using a number of different allocation factors that balance for the pool from year to year as a whole, and are impractical to reconcile for each individual employer participating in the pool. Current accounting standards do not specify such reconciliation be provided for pooled plans.
PREPARED BY:
STEPHEN CONWAY Finance Director
Reviewed by: Town Manager, Town Attorney, and Finance Director 110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832 www.losgatosca.gov
MEETING DATE: 02/07/2017
COUNCIL AGENDA REPORT
ITEM NO: 7 DESK ITEM
DATE:
FEBRUARY 7, 2017
TO:
MAYOR AND TOWN COUNCIL
FROM:
LAUREL PREVETTI, TOWN MANAGER
SUBJECT:
ACCEPT THE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2016 AS RECOMMENDED BY THE COUNCIL FINANCE COMMITTEE
REMARKS: Town staff has answered public inquiries regarding the allocation factors for the pooled safety pension plan. The following response is also being provided to the Town Council. CALPERS determines the Town’s proportionate share percentages used in determining the net pension liability for the Town’s safety employees pooled pension plan for fiscal years ending June 30, 2015 and 2016. The pool percentages are determined using a number of different allocation factors that balance for the pool from year to year as a whole, and are impractical to reconcile for each individual employer participating in the pool. Current accounting standards do not specify such reconciliation be provided for pooled plans.
PREPARED BY:
STEPHEN CONWAY Finance Director
Reviewed by: Town Manager, Town Attorney, and Finance Director 110 E. Main Street Los Gatos, CA 95030 ● 408-354-6832 www.losgatosca.gov
