Submitting reso. autho. To amend the FY 2015-16 Budget. (The Office of the Chief Financial Officer requests authorization to amend the City of Detroit’s Fiscal Year 2015-16 Budget for the purpose of funding discretionary pension contributions. This is part of an overall strategy to address the increased pension liability that must be paid starting in 2024. This amendment will result in the following: Reduce Appropriation No. 13967/Non-Departmental-Contingency Funds/$10,000,000; Reduce Unassigned Fund Balance/Fiscal Year 2015-15/$20,000,000; Establish Revenue Appropriation No./13854 Non-Departmental-Discretionary Pension Contributions/$30,000,000; Establish Expense Appropriation No./13854 Non-Departmental-Discretionary Pension Contributions/$30,000,000.) (REFERRED TO THE BUDGET, FINANCE AND AUDIT STANDING COMMITTEE ON 6-15-16)

Committee

Budget, Finance and Audit Standing Committee

Introduced

July 28, 2016

On agenda

June 15, 2016