202501545

ORDINANCE (EMERGENCY), submitted by Sheryl M. M. Long, City Manager, on 8/4/2025, ESTABLISHING new Fund 748, “Qualified Employee Benefit Arrangement (QEBA),” to pay excess retirement benefits that are not permitted to be paid from the qualified pension trust due to Internal Revenue Code limitations; AUTHORIZING the transfer and return to source of $106,000 from Contribution to Total Benefit Arrangement General Fund Non-Departmental fringe benefits operating budget account no. 050x915x7500 to the unappropriated surplus of the General Fund; AUTHORIZING the transfer and return to source of $10,000 from the Lump Sum Payments General Fund Non-Departmental personnel operating budget account no. 050x924x7100 to the unappropriated surplus of the General Fund; AUTHORIZING the transfer of $116,000 from the unappropriated surplus of General Fund 050 to the unappropriated surplus of new Fund 748, “Qualified Employee Benefit Arrangement (QEBA)”; and AUTHORIZING the transfer and appropriation of $116,000 from the unappropriated surplus of Fund 748, “Qualified Employee Benefit Arrangement (QEBA),” to Contribution to Total Benefit Arrangement Non-Departmental fringe benefits operating budget account no. 748x915x7500 to provide resources for Qualified Employee Benefit Arrangement payments through calendar year 2025.

Ordinance Passed Emergency Introduced August 1, 2025

Where it was heard