San Bernardino County Employees Retirement Association
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File #: 22-206.1    Name:
Type: Action Item
File created: 5/23/2022 In control: BOARD OF RETIREMENT
On agenda: 6/2/2022 Final action: 6/2/2022
Title: 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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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 statutory limit on Administrative Expenses based on no more than 21 basis points of the most recent Actuarial Accrued Liability.  That limit, calculated on page 16 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.

 

After unanimous recommendation by the Administrative Committee, additional insurance quotes were received.  As a result, the line item for Insurance has increased from $276,000 to $315,000 to deal with additional increases.

 

BUDGET IMPACT:

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

 

STRATEGIC PLANNING GOAL/OBJECTIVE:

Prudent Fiscal Management

 

COMMITTEE REVIEW:

This item was review by the Administrative Committee at its May 23, 2022, meeting, and recommended Board approval with a 3-0 vote.

 

STAFF CONTACT:

Amy McInerny

 

ATTACHMENTS:

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