RESOLUTION NO. 491
APPROVING THE ESTABLISHMENT AND CREATION OF A RETIREMENT CONTRIBUTION RESERVE FUND IN THE ALBANY COUNTY BUDGET
Introduced: 12/6/21
By Audit and Finance Committee and Mr. Miller:
WHEREAS, Pursuant to Article 2, Section 6-r of the New York State General Municipal Law, local municipalities are authorized to establish and create Retirement Contribution Reserve Funds within their municipal budgets as a part of planning for their future financial obligations related to the New York State local employees' retirement system, and
WHEREAS, The Albany County Executive and the Commissioner of Management and Budget have recommended that the Albany County Legislature establish and create a Retirement Contribution Reserve Fund which will be funded through budgetary appropriations approved by this Honorable Body, as well as by other permissible modes of funding as recognized by New York State law, and
WHEREAS, The Commissioner of Management and Budget has indicated that the Retirement Contribution Reserve Fund shall be utilized by Albany County to finance payment of its "retirement contributions," which represents the amount payable on an annual basis to the New York State local employees' retirement system on behalf of its workforce, and
WHEREAS, The Commissioner has further indicated that the Retirement Contribution Reserve Fund, once established, will allow the County of Albany to incrementally set aside monies sufficient to satisfy its obligations related to this recurring expenditure in the annual operating budget in a fiscally prudent manner, now, therefore, be it
RESOLVED, That this Honorable Body hereby approves of and establishes a Retirement Contribution Reserve Fund within the Albany County Budget to be utilized for the purposed of financing payment of Albany County's "retirement contributions," which represents the amount payable on an annual basis to the New York State local employees' retirement system on behalf of its workforce, a...
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