San Bernardino County Employees Retirement Association
File #: 22-206    Name:
Type: Action Item
File created: 5/18/2022 In control: BOARD OF RETIREMENT
On agenda: 6/2/2022 Final action:
Title: Recommend that the Board approve the proposed Annual Budget for the Fiscal Year Ending June 30, 2023.
Attachments: 1. Exhibit A: Proposed Annual Budget for the Fiscal Year Ending June 30, 2023

 

FROM:                                            Amy McInerny, Chief Financial Officer

 

SUBJECT:                                            Annual Budget for the Fiscal Year Ending June 30, 2023

 

RECOMMENDATION:

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Recommend that the Board approve the proposed Annual Budget for the Fiscal Year Ending June 30, 2023.

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BACKGROUND:

On an annual basis, SBCERA is required to adopt an Annual Budget which covers both Administrative and Non-Administrative Expenses of the Plan for the coming fiscal year.  Staff has prepared the proposed budget attached as Exhibit A.  In summary, this budget is a 12.1% increase, or $3,293,800, from the approved budget for the Fiscal Year Ending June 30, 2022.

 

A total of eight new positions are being requested, as well as five reclassifications or salary range adjustments. 

 

California Government Code 31580.2 imposes a statuatory limit on Administrative Expenses based on no more than 21 basis points of the most recent Actuarial Accrued Liability.  That limit, calculated on page 15 of the proposed Annual Budget is $31,410,614.  The requested Administrative Expense Budget of $13,187,000 is 9 basis points, or 42% of the statutory limit.

 

BUDGET IMPACT:

This item will establish the Annual Budget for the Fiscal Year Ending June 30, 2023.

 

STRATEGIC PLANNING GOAL/OBJECTIVE:

Prudent Fiscal Management

 

STAFF CONTACT:

Amy McInerny

 

ATTACHMENTS:

Exhibit A:                     Proposed Annual Budget for the Fiscal Year Ending June 30, 2023