HomeMy WebLinkAbout20191421RESOLUTION
RE: APPROVE CREATION OF PERA LIABILITY TRUST FUND
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, County of Weld employees of the Weld County Department of Health and
Environment participates in the Local Government Division Trust Fund (LGDTF), a cost -sharing
multiple -employer defined benefit pension fund administered by the Public Employees'
Retirement Association of Colorado (PERA), and in the Health Care Trust Fund (HCTF), a cost -
sharing multiple -employer defined benefit OPEB fund administered by the PERA, and
WHEREAS, governmental accounting standards require that governmental members of
a cost -sharing multiple -employer defined benefit pension fund, like PERA, recognize their portion
of the net unfunded pension fund's liability on their financial statements, and
WHEREAS, Weld County has fully funded Weld County's share of the PERA liability in
the Health Fund (Fund 2500) with the amount being part of the Health Fund's reserved fund
balance, and
WHEREAS, the Weld County Director of Finance and Administration and the Controller
are recommending that Weld County's share of the PERA liability amount be transferred to a
separate identifiable trust fund to specifically identify Weld County's share of the PERA liability in
the separate fund for accountability and transparency, and
WHEREAS, the Director of Finance and Administration is recommending that Weld
County approve the creation of the PERA Liability Trust Fund, and
WHEREAS, the Director of Finance and Administration is recommending that Weld
County approve the transfer of funds for Weld County's share of the PERA liability from the Health
Fund to the PERA Liability Trust Fund.
NOW, THEREFORE, BE IT RESOLVED by the Board of Weld County Commissioners
that the PERA Liability Trust Fund be created on the books of Accounting and the County
Treasurer for the purposes of accounting for the funds for Weld County's share of the PERA
liability.
BE IT FURTHER RESOLVED by the Board of Weld County Commissioners that the
Director of Finance and Administration and County Treasurer are authorized to make the
necessary accounting transactions to transfer funds from the Health Fund to the PERA Liability
Trust Fund for Weld County's share of the PERA liability.
BE IT RESOLVED by the Board of Weld County Commissioners that the Director of
Finance and Administration and County Treasurer are authorized to make the necessary
accounting transactions to transfer funds in the future to the PERA Liability Trust Fund for Weld
County's share of the PERA liability, and
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2019-1421
PE0033
RE: CREATION OF PERA LIABILITY TRUST FUND
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 10th day of April, A.D., 2019.
BOARD OF COUNTY COMMISSIONERS
WEED COUNTY, COL.' DO
ATTEST: ddrAvo ..;e4
Weld County Clerk to the Board
BY:
Deputy�eTt"9t4
o the Board
County ' orney
Date of signature: 1-11i6/t9
arbara Kirkmeyer, •hair
Mike Freeman, Pro-Tem
teve Moreno
2019-1421
PE0033
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