2009 09 15 RDAea# 4 4 adA
Redevelopment Agency agendas are
available on the City' web page
@ www.la-quinta.org
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-495 Calle Tampico
La Quinta, California 92253
Regular Meeting
TUESDAY, SEPTEMBER 15, 2009
3:00 P.M. Closed Session / 4:00 P.M. Open Session
CALL TO ORDER
Beginning Resolution No. RA 2009-007
Roll Call:
Agency Board Members: Adolph, Evans, Henderson, Sniff, Chairperson Franklin
PUBLIC COMMENT
At this time, members of the public may address the Redevelopment Agency on any
matter not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CLOSED SESSION
NOTE, Time permitting the Redevelopment Agency Board may conduct Closed Session
discussions during the dinner recess. In addition, persons identified as negotiating parties
are not invited into the Closed Session meeting when acquisition of real property is
considered.
1. CONFERENCE WITH AGENCY'S REAL PROPERTY NEGOTIATOR, DOUGLAS
R. EVANS, PURSUANT TO GOVERNMENT CODE SECTION 54956.8
CONCERNING POTENTIAL TERMS AND CONDITIONS OF ACQUISITION
AND/OR DISPOSITION OF REAL PROPERTY LOCATED SOUTHEAST OF THE
MILES AVENUE AND WASHINGTON STREET INTERSECTION AND NORTH
OF THE WHITEWATER STORM CHANNEL. PROPERTY OWNER/
NEGOTIATOR: CP DEVELOPMENT LA QUINTA, LLC, RICHARD OLIPHANT.
Redevelopment Agency Agenda 1 September 15, 2009
001
RECESS TO CLOSED SESSION
RECONVENE AT 4:00 P.M.
4:00 P.M.
PUBLIC COMMENT
At this time members of the public may address the Redevelopment Agency on any matter
not listed on the agenda. Please complete a "request to speak" form and limit your
comments to three minutes.
CONFIRMATION OF AGENDA
PRESENTATIONS
1. PRESENTATION BY CP DEVELOPMENT REGARDING THE HOUSING PARCEL
(LOT 7) AT CENTRE POINTE. (This presentation is anticipated to begin at
4:00 p.m.)
APPROVAL OF MINUTES
1. APPROVAL OF MINUTES OF SEPTEMBER 1, 2009.
CONSENT CALENDAR
NOTE: Consent Calendar items are considered to be routine in nature and will be approved
by one motion.
1. APPROVAL OF DEMAND REGISTER DATED SEPTEMBER 15, 2009.
2. RECEIVE AND FILE TREASURER'S REPORTS DATED JUNE 30 AND JULY
31, 2009.
3. RECEIVE AND FILE REVENUE AND EXPENDITURE REPORTS DATED JUNE
30 AND JULY 31, 2009.
4. APPROVAL OF AN APPROPRIATION FOR A LUMP SUM PAY-OFF OF THE
CALIFORNIA PUBLIC EMPLOYEE RETIREMENT SYSTEM (CaIPERS) SIDE
FUND.
Redevelopment Agency Agenda 2 September 15, 2009
BUSINESS SESSION - NONE
STUDY SESSION — NONE
CHAIR AND BOARD MEMBERS' ITEMS — NONE
PUBLIC HEARINGS — NONE
ADJOURNMENT
The next regular meeting of the Redevelopment Agency will be held on October 6,
2009, commencing with closed session at 3:00 p.m. and open session at 4:00
p.m. in the City Council Chambers, 78-495 Calle Tampico, La Quinta, CA 92253.
DECLARATION OF POSTING
I, Veronica Montecino, City Clerk of the City of La Quinta, do hereby declare that
the foregoing agenda for the La Quinta Redevelopment Agency meeting of
September 15, 2009, was posted on the outside entry to the Council Chamber at
78-495 Calle Tampico and on the bulletin boards at 51-321 Avenida Bermudas and
78-630 Highway 1 1 1, on September 11, 2009.
DATED: eptember 11, 2009
ERONICA J. M TECINO, City Clerk
City of La Quin a, California
Public Notice
Any writings or documents provided to a majority of the Redevelopment Agency regarding
any item on this agenda will be made available for public inspection at the City Clerk
counter at City Hall located at 78-495 Calle Tampico, La Quinta, California, 92253, during
normal business hours.
..
Redevelopment Agency Agenda 3 September 15, 2009
VI, Q.
s
CFM OF
AGENDA CATEGORY:
COUNCILIRDA MEETING DATE: September 15, 2009 BUSINESS SESSION
ITEM TITLE: Demand Register Dated CONSENT CALENDAR /
September 15, 2009
STUDY SESSION
PUBLIC HEARING
RECOMMENDATION:
It is recommended the Redevelopment Agency Board:
Receive and File the Demand Register Dated
September 15, 2009 of which $11,325,810.02
represents Redevelopment Agency Expenditures
PLEASE SEE CONSENT CALENDAR ITEM NUMBER 1 ON CITY COUNCIL AGENDA
COUNCIL/RDA MEETING DATE:
ITEM TITLE: Receive and File Transm
Reports as of June 30, 2009 and Ji
RECOMMENDATION:
4 4aw
15, 2009
I of Treasurer's
31, 2009
It is recommended the Redevelopment Agency Board:
Receive and file.
AGENDA CATEGORY:
BUSINESS SESSION:
OL
CONSENT CALENDAR: 0
STUDY SESSION:
PUBLIC HEARING:
PLEASE SEE RELATED BUSINESS SESSION ITEM ON CITY COUNCIL AGENDA
S
cewtf 4 serou Quiftraj
COUNCIU/RDA MEETING DATE: September 15, 2009
ITEM TITLE: Receive and File Transmittal of Revenue
and Expenditure Report dated June 30, 2009 and July
31, 2009
RECOMMENDATION:
Receive and File
FISCAL IMPLICATIONS:
None.
CHARTER CITY IMPLICATIONS:
None,
BACKGROUND AND OVERVIEW:
AGENDA CATEGORY:
BUSINESS SESSION: _
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Receive and File Transmittal of the June 30, 2009 and July 31, 2009 Statements of
Revenue and Expenditures for the La Quinta Redevelopment Agency.
Respectfully submitted,
John M. Falconer, Finance Director
Approved for submission by:
1 19-�
Thomas P. Genovese, Executive Director
Attachments: 1 . Revenue and Expenditures Report for June 30, 2009 „ ��
2. Revenue and Expenditures Report for July 31, 2009 "" Co
A I I AUHIVIEN 1 "I
07/01/2008 .0613012009
LA QUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO 1'
LOWIMODERATE TAX FUND:
Tax Increment
11.169,000.00
10,053,31477
1,115,685.23
90.010%
Allocated Interest
25,000.00
(14, 132.83)
39, 132.83
-56.530%
Non Allocated Interest
0.00
1,388.26
(1,388.26)
0.000%
Miscellanea.. revenue
0,00
0.00
000
0.000%
Non Allocated Interest
0.00
000
0.00
0.000%
LQRP-Rent Revenue
225,OD0.00
240.591.20
(15,591.20)
106,930%
Home Sales Proceeds
150,00000
0.00
150,000.00
0.000%
Sale of Land
0.00
0,00
0,00
0000%
Sevrer Subsidy Reimbursements
650,00
603.34
46.66
92.820%
Rehabilitation Loan Repayments
0,00
(1,470.78)
1,470,78
0.000%
2nd Trust Deed Repayment
100,000.00
92,50000
7.50000
92,500%
WSA Loan Proceeds
2.453,458.00
2,574.163,05
(120,705.05)
104.920%
Transfer In
0.00
ODD
0.00
0.000%
TOTAL LOW/MOD TAX
14,123,10800
12,946,957,01
1.176,150.99
91,670%
DEBT SERVICE FUND:
Tax Increment
44,676,000.00
40,213,259.02
4,462.740.98
90.010%
Allocated Interest
173,60000
220,854.14
(47,254.14)
127.220%
Non Allocated Interest
D00
0,00
0.00
0 000%
Interest- County Loan
0,00
0,00
0.00
0.000%
Interest Advance Proceeds
0,00
0.00
0.00
0000%
Transfers In
4,444479.00
4444519.53
(40.53)
100000%
TOTAL DEBT SERVICE
49,294,079.00
44,878,632.69
4,415,446.31
91.040%
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
590,000.00
511,044.11
78,955.89
86,620%
Nan Allocated Interest
173,00000
173,38506
(385.06)
100.220%
Developer Agreement Funding
0.00
0,00
0.00
0.000%
Sale of Land Proceeds
0,00
0.00
0.00
0.000 %
Rental Income
0.00
0,00
000
0.000%
Transfers In
5,000,000.00
5,WO.000.00
0.00
100,000%
TOTAL CAPITAL IMPROVEMENT
5,763,000.00
5,684,429.17
78.570.83
98,640%
07/0112008 - 06/30/2009
LA QUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. 2:
LOWIMODERATE TAX FUND:
Tax Increment
5,843,250.00
5.597,991.02
245,258.98
95.800%
Allocated Interest
320.500,00
286,666.12
33,833.88
89.440%
Non Allocated Interest
0,00
0.00
0.00
0.000%
Wash St Apts Interest Income
2,387.00
777.25
1.609.75
32.560%
WSA Fed Govt Assistance Pymts
300,920.00
296,642.00
4,278.00
98580%
WSA Fed Govt Interest Rate Subsidy
34,472.00
30.562.62
3,909,38
88.660%
Developer funding
0.00
16,136.11
(16,136.11)
0000%
Wash St Apts Rental Income
108,893.00
118,813,44
(9,920.44)
109.110%
Wash St Apia Other Revenues
2.817,00
7,902,22
(5,085.22)
280.520%
2nd Trust Deed Repayment
45.000.00
40,458.25
4,541.75
89.910%
ERAF Shift - Interest
0.00
0.00
0.00
0,000%
Sale of Land
0.00
0.00
0.00
0.000%
Transfer In
307,656.00
307.655.67
0,33
100,000%
TOTAL LOW/MOD TAX
6,965,89500
6,703.604.70
262,290,30
96.230%
2004 LOW/MODERATE BOND FUND:
Allocated Interest
0.00
0.00
0.00
0.000%
Home Sale Proceeds
0,00
0.00
0.00
0.000%
Non Allocated Interest
165,000.00
165.610.05
(610.05)
100.370 %
Transferin
000
0.00
0.00
0.000%
TOTAL LOW/MOD BOND
165,000DO
165,610.05
(610,05)
1DO.370%
DEBT SERVICE FUND:
Tax Increment
23,373.000,00
22,391,964.14
981.035.86
95,800%
Allocated interest
280,000.00
269.130.64
10.869.36
96.120%
Non Allocated Interest
0.00
000
0,00
0.000%
Interest Advance Proceeds
0.00
0,00
0.00
0.000%
Transfer In
1,953.598,00
1.953,597.94
0.06
100.000%
TOTAL DEBT SERVICE
25,606.598.00
24,614.692.72
991,905.28
96.130%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
36,000.00
37,255.93
(1,255.93)
103.490%
Non Allocated interest
,0,00
000
0.00
0.000%
Min Revenue
0.00
23.25
(23,25)
0.000%
Sale of land
0.00
0.00
0.00
0000%
Transfers In
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
36,000.00
37,279.18
(1,279.18)
103.550%
7 2
LA OUINTA REDEVELOPMENT AGENCY ADJUSTED 07/0112008 - 06/3D/2009 REMAINING
EXPENDITURE SUMMARY BUDGET EXPENDITURES ENCUMBERED BUDGET
PROJECTAREA NO Y
LOW/MODERATE TAX FUND:
PERSONNEL
1, 100.00
0.00
0.00
1,100.00
SERVICES
337,869.00
269,272,11
GOD
68,596.89
BUILDING HORIZONS
0.00
0.00
0.00
0.00
LO RENTAL PROGRAM
275,000.00
213,370.20
01
61.629.80
20tl TRUST DEED PROGRAM
0.00
0,00
0.00
0,00
BUILDING HORIZONS
0.00
000
0,00
DOO
LAND ACQUISITION
6, 517,25500
6,429,671.33
0.00
87,583.67
LOW MOD HOUSING PROJECTS
0,00
2.64
0.00
(2.64)
FORECLOSURE
450, 000.00
191,191.04
0.00
258,808.96
REIMBURSEMENT TO GEN FUND
706,271.00
706,273.08
0,00
(208)
TRANSFERS OUT
475213500
4]521)520
000
(d020)
TOTAL LOW/MOD TAX
73;03..ii30'D�fZ
SbT,E55�`U�OnT
77Tii , u
DEBT SERVICE FUND:
SERVICES
563,900.00
484,170.95
0.DO
79,729.05
BOND PRINCIPAL
2.96000000
2.960.000. 00
0.00
0.00
BOND INTEREST
7.330, 18900
7,330,188. 26
000
074
INTEREST CITY ADVANCE
1020000.00
1,020000W
0.00
0.00
PASS THROUGH PAYMENTS
24, W9,329. 00
23426, 796. 39
000
1442,532.61
ERAF SHIFT
4, 398,307. 00
0,00
0.00
4, 398,307.00
TRANSFERS OUT
8, 966396.00
8, 960395.82
0.00
0.18
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
PERSONNEL
0.00
000
TIGO GO
SERVICES
521500
93521000
]12.391.11
0.00
222,823.89
LANDACASSESSQUISIT
0.00
0,00
000
,8238
000
ASSESSMENT DISTRICT
CT
0.00
0.00
0.00
0.00
ADVERTISING -ECONOMIC DEV
ECON
0.00
0.00
0DO
0.0O
DEVELOPMENT
ECONBOND
0,00
0.00
0.D0
0.00
ISSUANCE
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
CAPITAL - BUILDING
0.00
0,00
9,000 GO
REIMBURSEMENT TO GEN FUND
4,88300
294,88300
294, 884.OA
0.00
(1.04)
N)
TRANSFERS OUT
43013,915.00
287205711
0.00
40141857.30
TOTAL CAPITAL IMPROVEMENT
LA OUINTA REDEVELOPMENT AGENCY
ADJUSTED
07/0112008.0613012009
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO2'
LOW/MODERATE TAX FUND:
PERSONNEL
700.00
0.00
O.DO
700.00
SERVICES
621,676.00
509,17449
0.00
112,501.51
WASH ST ARTS OTHER EXPENSES
285200.00
195,846.27
0.00
90,353.73
2ND TRUST DEEDS
0.00
0.00
0.00
0.00
LOW MOD HOUSING PROJECTS
0.DO
6,506.78
0.00
(6,508.78)
FORECLOSURE ACQUISITION
100.000.GO
0,00
0.00
100,000.00
VISTA DUNES PARK
50,000.00
0,00
0.00
50,000. GO
LAND ACQUISITION
000
0.00
0.DO
0.00
WSA PRIN/PROVIDENT LOAN
15,748.00
15,748.43
0.00
(OA3)
WSA PRIN/USDA LOAN
6,54600
8,956.94
0.00
(2,420.94)
WSA INTEREST/PROVIDENT LOAN
87, 235.00
67, 234.53
000
0.47
WSA INTEREST/USOA LOAN
50,309.00
44, 044.04
000
6,264.%
REIMBURSEMENT TO GEN FUND
36060400
360604.92
0.00
(0.92)
TRANSFERS OUT
4,780,742.00
2199765.79
0.00
2,58097621
TOTAL LOWIMOO TAX _
2004 LOWIMODERATE BOND FUND
HOUSING PROGRAMS
3,052 OQOO
2,096,000.GO
0.00
956,800.00
LAND
0.00
0.00
0,00
0.00
TRANSFERS OUT
12,390202.00
11858,461.97
0.00
731.740,03
TOTAL LOW/MOD BOND
DEBT SERVICE FUND:
SERVICES
250,525.00
261, 347,52
0,00
(10,822.52)
BOND PRINCIPAL
115,000. D0
115,000.00
0.00
000
BOND INTEREST
305,184.00
305,183.75
0,00
0.25
INTEREST CITY ADVANCE
1,656, 528.00
1,656,528, 00
O.DD
000
PASS THROUGH PAYMENTS
19,153,263.00
19.034,220.23
0.00
119,042.77
TRANSFERS OUT
1953, 598.00
1,953597.B4
0,00
0,06
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
PERSONNEL
700.00
0.00
0.00
70000
SERVICES
368, 760.00
239,901.04
0.00
128,858.96
CAPITAL
0,00
0.00
0.00
DOO
ECONOMIC DEVELOPMENT ACTIVITY
0.00
000
000
0.00
REIMBURSEMENT TO GEN FUND
50741.00
60,741.96
0.00
(0.96)
TRANSFERS OUT
3998%00
329,495.83
0.00
70400.17
TOTAL CAPITAL IMPROVEMENT
ATTACHMENT Z
07/0112009 .0713112009
LA GUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. is
LOW/MODERATE TAX FUND:
Tax Increment
10,833.900,00
000
10.833,900,00
0W0%
Allocated Interest
68,700.00
0.00
68,700.00
0.000%
Non Allocated Interest
0.00
10547
(105,47)
0.000%
Miscellaneous revenue
0.00
0.00
O.W
0.000%
Non Allocated Interest
0.00
0.DO
0.00
0.000%
LORP-Rent Revenue
225,000.00
000
225,000,00
0.000%
Hoare Sales Proceeds
150,000.00
0.00
150,000 W
0.000%
Sale M Land
0.00
0.00
O.W
0.000%
' Sewer Subsidy Reimbursements
0.00
0.00
0.00
0.000%
Rehabilitation Loan Repayments
0.00
000
0.00
0.000%
2nd Trust Dead Repayment
000
0.00
0 00
0.000%
Transfer In
000
0.00
000
0.000%
TOTAL LOW/MOD TAX
11,277,600. 00
10547
11,277,494. 53
O.OW%
DEBT SERVICE FUND:
Tax Increment
43.335, 700. 00
000
43, 335,700. 00
O. WO%
Allocated Interest
42,700.00
000
42,700.00
O.OW%
Non Allocated Interest
0.00
000
0.00
0000%
Interest -County Loan
0.00
0,00
000
0.000%
Interest Advance Proceeds
000
000
0.00
0.W0%
Transfers In
4.438,892.00
000
4,438,892.00
0000%
TOTAL DEBT SERVICE
47,817,292. 00
0.00
47, 817,292. 00
0,000%
CAPITAL IMPROVEMENT FUND - NON-TAXABLE
Pooled Cash Allocated Interest
162,000.00
0.W
162.000.00
0000%
Non Allocated Interest
32,50000
3,004.00
29,496.00
9.240%
Developer Agreement Funding
0,00
0.00
0.00
0.000%
Sale of Land Proceeds
0,00
000
0.00
0000%
Rental Income
0.00
O.W
0.00
0.W0%
Transfers In
1000000000
0.00
10,000000. 00
0.000%
TOTAL CAPITAL IMPROVEMENT
10,194, 500.00
3,004.00
10,191,496. 00
0,030%
07/01/2009 .0713112009
LA OUINTA REDEVELOPMENT AGENCY
ADJUSTED
REMAINING
%
REVENUE SUMMARY
BUDGET
RECEIVED
BUDGET
RECEIVED
PROJECT AREA NO. 2:
LOWINIODERATE TAX FUND:
Tax Increment
5,668,000.00
0.00
5.668,000. 00
0.000%
Allocated Interest
168,100,00
0.00
168,100,00
0,000%
Non Allocated Interest
0,00
0,00
0.00
0000%
Wash $t Apts Interest Income
3,600 W
329.37
327063
9.160%
WSA Fed Gout Assistance Pymts
451 4W 00
37.269. W
414, 131. W
8.260%
WSA Fed Goh Interest Rate Subsidy
46,8W.00
0.00
46, BOO.W
0.000%
Developerfundmg
0.00
0.00
0.00
0000%
Wash St Ape Rental Income
163,300.00
14,6132E
148,68672
B.950%
Wash St Apts Other Revenues
4,200.W
95332
323668
22.940%
2nd Trust Deed Repayment
0.00
0.00
000
0.000%
ERAF Shift - Interest
0.00
000
0.00
0.000%
Sale of Land
0.00
0.00
0.00
O.OW
Transfer In
0.00
OCO
0.00
0CD0%
TOTAL LOW/MOD TAX
6,505,400,00
53,174.97
6,452.225.03
0,820%
2004 LOW/MODERATE BOND FUND:
Allocated Interest
0.00
a00
0.00
0000%
Home Sale Proceeds
0.00
0.00
000
0.000%
Non Allocated Interest
17,50000
1,698.00
15,802,00
9.700%
Transfer In
0.00
0.00
0.00
0.000%
TOTAL LOW/MOD BOND
17.50000
1,698,00
15,802.00
9700%
DEBT SERVICE FUND:
Tax Increment
22,671,8W.00
0.00
22,671,BW.00
0.000%
Allocated Interest
140,000.00
0.00
140,000.00
0.000%
Non Allocated Interest
0.00
0.00
0,00
0,000%
Interest Advance Proceeds
0.00
0.00
0.00
0000%
Transfer In
1951399.00
0,00
1951399.00
0.000%
TOTAL DEBT SERVICE
24, 763.199.00
0.00
24,763,199.150
0.000%
CAPITAL IMPROVEMENT FUND:
Allocated Interest
- 41,400.00
0.00
41 400.00
0.000%
Non Allocated Interest
0.00
0,00
0.00
0000%
Mlsc Revenue
0.00
000
0.00
0.000%
Sale of land
0.00
0.00
0.00
0 000 %
Transfers In
0.00
0.00
0.00
0.000%
TOTAL CAPITAL IMPROVEMENT
4140000
0.00
414W.00
0,W0%
W
LA OUINTA REDEVELOPMENT AGENCY
ADJUSTED
0710112009 - 0713112009
REMAINING
EXPENDITURE SUMMARY
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECT AREA NO. 1:
LOWIMODERATE TAX FUND:
PERSONNEL
1,100.00
0.00
000
1,100.00
SERVICES
352.490.00
0.00
0,00
352,490.00
BUILDING HORIZONS
0.00
0.00
O.W
0.00
LO RENTAL PROGRAM
275,000.00
000
000
27500000
2n8 TRUST DEED PROGRAM
0.W
000
0W
000
BUILDING HORIZONS
250,D00.00
0,00
0.00
250,DW,DD
LANDACQUISITION
000
0.00
000
000
LOW MOD HOUSING PROJECTS
0.00
0.00
0.00
0.00
FORECLOSURE
750,00000
0.00
0.00
750CM00
REIMBURSEMENT TO GEN FUND
710,231.00
59,185.93
0.00
651.04507
TRANSFERS OUT
4,47889200
0W
0.00
44TB B92W
TOTAL LOW/MOO TAX
DEBT SERVICE FUND:
SERVICES
508.200.00
193000
0.00
506.27000
BOND PRINCIPAL
3,135.000.00
O.W
0.00
3.135.000.00
BONOINTEREST
7,144.062.00
000
0.00
7.144,W2.00
INTEREST CITY ADVANCE
1,020.000.00
85,000.00
0.00
935000.00
PASS THROUGH PAYMENTS
24,722621.00
39887525
000
24325,74575
ERAF SHIFT
000
coo
0.00
0.00
TRANSFERS OUT
13,961932.00
000
000
1]961 W200
TOTAL DEBT SERVICE75
CAPITAL IMPROVEMENT FUND:
PERSONNEL
1, 10000
000
000
1, 10000
SERVICES
82660000
7,260.00
D.00
819,34000
LAND ACQUISITION
0DO
0.00
OW
0.00
ASSESSMENT DISTRICT
0.00
0.00
000
0.00
ADVERTISING -ECONOMIC DEV
10,00000
000
0W
1000000
ECONOMIC DEVELOPMENT
0W
0.00
0W
0.W
BOND ISSUANCE COSTS
0.00
0.00
0.00
0.00
CAPITAL - BUILDING
000
000
0W
0DO
REIMBURSEMENT TO GEN FUND
334,24D 00
27,853.J4
coo
306,366.66
TRANSFERS OUT
46070719.W
5019259
0.00
d6020526.d1
TOTAL CAPITAL IMPROVEMENT
LA QUINTA REDEVELOPMENT AGENCY
ADJUSTED
0710112009-07131/2009
REMAINING
EXPENDITURESUMMARV
BUDGET
EXPENDITURES
ENCUMBERED
BUDGET
PROJECTAREAAWZ
PERSONNEL
700.00
0.00
0.00
700.00
SERVICES
44080000
0.00
0.00
440,800.00
WASH ST APTS OTHER EXPENSES
0.00
0.00
000
000
2ND TRUST DEEDS
OW
0.00
coo
0.00
LOW MOD HOUSING PROJECTS
432,3WGO
0.00
0.00
432,300.00
FORECLOSURE ACQUISITION
250UWW
43,298,47
0.00
206.70153
VISTA DUNES PARK
0.00
0,00
0.00
OW
LAND ACQUISITION
000
0.00
0.00
0GO
WSA PRINIPROVIDENT LOAN
25.32500
2.030,76
0.00
23.294.24
WSA PRINIUSDA LOAN
100100
000
0.00
10.67100
WSA INTERESTIPROVIDENT LOAN
129,14900
10.842.11
0.00
118.306.89
WSA INTERESTAISDA LOAN
74.61100
3.197,52
0.00
71L1348
REIMBURSEMENT TO GEN FUND
389,17200
32d30.98
0.00
35674104
TRANSFERS OUT
12 7S759400
1,3I5.DD
0.00
13.T56,219W
TOTAL LOWIMOD TAX
W" LOW/MODERATE BOND FUND
HOUSING PROGRAMS
956,800.00
206000W
0.00
7506W.00
LAND
000
0W
0.00
coo
TRANSFERS OUT
731,74000
000
9.09
731 )40.00
TOTALIOWIMOD BOND
DEBT SERVICE FUND:
SERVICES
268.000.00
100.00
000
26790000
BOND PRINCIPAL
120000.00
0.00
OW
120,000.00
SONDINTEREST
299550.00
0.00
OW
299,550.00
INTEREST CITY ADVANCE
ISM 520.W
138,044.00
OW
15184UN
PASS THROUGH PAYMENTS
19,253 381 00
0.00
0XI
19253381.00
TRANSFERS OUT
1951399.W
000
0W
1951.399.W
TOTAL DEBT SERVICE
CAPITAL IMPROVEMENT FUND:
PERSONNEL
200.00
4000
0.00
W0.00
SERVICES
250,360.00
coo
0.00
250360.00
CAPITAL
0.00
0XI
0.00
00D
ECONOMIC DEVELOPMENT ACTIVITY
0.00
000
000
QW
REIMBURSEMENT TO GEN FUND
53.661.00
4,471.75
0.00
49.189.25
TRANSFERSOUT
3,303.371.00
TSO.W
100
330262100
TOTAL CAPITAL IMPROVEMENT
n1s/0 5
COUNCIL/RDA MEETING DATE
C&ti�t 4 si V Qa1KrCV ,
September 15, 2009
ITEM TITLE: Approval of an Appropriation for a Lump
Sum Pay -Off of the California Public Employee
Retirement System (CaIPERS) Side Fund
RECOMMENDATION:
AGENDA CATEGORY:
BUSINESS SESSION:
CONSENT CALENDAR:
STUDY SESSION:
PUBLIC HEARING:
Approve an appropriation of $107,336 from the Redevelopment Agency for a Lump
Sum Pay -Off of the CaIPERS Side Fund.
FISCAL IMPLICATIONS:
The City contracts with CaIPERS to provide employees with a specified package of
benefits upon retirement. The City's plan is referred to as the 2.5% @ 55 defined
benefit plan, where a qualified employee may receive an annual retirement benefit
equal to 2.5% of their final compensation times the number of years of service at age
55. The City funds these benefits on an annual basis according to actuarially
determined contribution rates for both the employee (8%) and the employer
(12.122%).
The City's employer rate of 12.122% includes 2.221 % which is referred to as the
"side fund" which is eligible for repayment. Staff is proposing to pay-off this side fund
amount which totals $1,338,763 as of September 30, 2009, from the City
($1,231,427) and Redevelopment Agency ($107,336). Staff estimates a savings of
$643,181 by prepaying this liability of which the City would save an estimated
$591,614 and the Redevelopment Agency an estimated $51,567. The Agency is
being asked to participate in this prepayment since City staff has provided services to
the Redevelopment Agency.
CHARTER CITY IMPLICATIONS:
None.
BACKGROUND AND OVERVIEW:
In 2003, California legislation mandated that all agencies with less than 100 active
members be enrolled in a risk -sharing pool with all other agencies in the State with
similar benefit packages. This required the City to join with other CalPERS agencies
that offered the Miscellaneous 2.5% at 55 retirement plan to it employees. Prior to
this time, the City of La Quinta had a stand alone plan. At the time of joining the risk
pool, a side fund was created to account for the difference between the City's assets
and liabilities. In 2003, most California agencies, including the City of La Quinta, were
under -funded due to four (4) consecutive years of investment losses. Rather than
requiring that the City pay off this liability off immediately, CalPERS created this side
fund which has been reduced since 2003 by increasing the employer retirement rate.
As a result, the City still owes the CalPERS pool $1,415,848 as of June 30, 2010
which will be repaid over the 11 year remaining periods (Attachment 1)• CalPERS will
give the City an interest credit for prepaying this amount nine months early by
September 30, 2009 of $77,085 for a net amount due of $1,338,763.
There are two primary components used to calculate the side fund payoff amount —
interest earnings and payroll costs. As illustrated in Attachment 2, staff has
conservatively calculated a savings from interest earnings of $380,974 that would be
achieved given the historical average of 4% that has been earned on the City pooled
investments and the 7.75% earnings credit given by CaIPERS. It is important to note
that while the historical City earnings average has been 4% currently the City
investment pool is earning less than 1 % given the current environment. The other
component is payroll costs which are estimated to result in a savings of $262,207.
CaIPERS has used a projected payroll cost of $7.147 million in its payoff calculations
for FY 2008/2009 while the City budget contains a budgeted amount of $8.029
million. The difference is caused by CaIPERS using two year old data to prepare its
actuary reports and projecting using a 3.25% growth factor. The City on the other
hand uses a more precise calculation using the most current step increases (5%
between steps) and any Cost of Living Adjustment that is granted. While the City has
continued to grant step increases to eligible employees, no cost of living adjustments
(cola's) have been granted in Fiscal Year 2009-2010 due to the current economic
climate. Therefore it is possible that if economic conditions persist where no Cola's
are granted and more employees are at the top step that the City could experience a
less than 3.5% payroll growth factor which would result in a savings of less than
$262,207.
Staff has included the Department by Department breakdown of the fiscal impact for
both the City and the Redevelopment Agency (Attachment 3) if this item is approved.
One factor that should be considered in the overall analysis is the availability of
unencumbered funds to retire this obligation. The City has adequate unreserved
2
fL
General Fund balances (or cash equivalents) of $18 million readily available to pay this
obligation.
Another important reason given by our CalPERS actuary is to mitigate future CalPERS
rate hikes due to recent stock market and real estate losses experienced by CalPERS in
2008 and 2009. While it is important to note that by paying this side fund off the City
and RDA budgets for pension expenses will be reduced by a total of approximately
$178,000 between the two agencies, future CalPERS employer pension cost increases
our on the horizon. Attachment 4 is a recent Circular Letter from CalPERS that
highlights the future impacts of retirement rates. While precise numbers are not
available, page three of the Circular letter states that beginning in Fiscal Year 2011-
2012 rates from the current stock market and real estate losses will impact the City's
budget. The City will probably fall under the numbers in column VI of 6 so in Fiscal
Year 2011-2012 through Fiscal Year 2014-2015 the CalPERS employer rates will
increase cumulatively by 6.9%. The following table is a possible scenario in which the
CalPERS rate in Fiscal Year 2014/2015 will increase by 39% over the Fiscal Year
2010/2011 rate.
Fiscal
Year
2010/2011
2011/2012
2012/2013
2013/2014
2014/2015
Employer
Less
Plus
Rate before
Side Fund
2008-2009
Employer
Adjustments
Credit
Losses
Rate
11.900%
2.221%
0.000%
9.679%
9.679%
1.500%
11.179%
11.179%
2.500%
13.679%
13.679%
2.600%
16.279%
16.279%
0.300%
16,579%
FINDINGS AND ALTERNATIVES:
Increase
Employee Share
Total
From 2010/2011
8.000%
17.679%
8.000%
19,179%
8.000%
21.679%
8.000%
24.279%
8.000%
24.579%
39.029%
The alternatives available to the Redevelopment Agency include:
4. Approve an appropriation of $107,336 from the Redevelopment Agency, in
accordance with the distribution in Attachment 3, for a Lump Sum Pay -Off of
the CalPERS Side Fund; or
5. Do not approve an appropriation of $107,336 from the Redevelopment Agency,
in accordance with the distribution in Attachment 3 for a Lump Sum Pay -Off of
the CalPERS Side Fund; or
6. Provide staff with alternative direction.
Res ectfully submit
John M. Falconer, Finance Director
�- rt 0 4L
/A
Approved for Submission by:
Thomas P. Genovese, Executive Director
Attachments: 1. CalPERS Actuarial Office Calculations
2. Staff Projected Lump Sum Payoff Savings
3. Staff Calculated Payoff Allocation
4. CalPERS Circular Letter 200-056-09 dated August 25, 2009
n2t 4
/q
Actuarial Office
P.O. Box 1494
Sacramento, CA 9581
4CTelecommunications Deviceevice for the Deaf - (916) 795-3240
(888) CalPERS (225-7377) FAX (916) 795-2744
June 5, 2009
Employer Number: 1351
Employer Name: CITY LA QUINTA
Rate Plan: MISCELLANEOUS
Re: Lump Sum Payment to payoff the 2010-2011 negative side fund
Dear Requestor:
As requested, 2010-2011 side fund payoff information follows.
If you are aware of others interested in this information (i.e. payroll staff, county court employees,
port districts, etc.), please inform them.
The information assumes payment bySeptember30, 2009 and no further contractual or financing changes taking
effect before June 30, 2011.
The change in your 2010/2011 employer contribution rate after you make the proposed lump sum payment, will be
calculated once the 6/30/2008 annual valuation is available. There will be no change to your 2009/2010 rate.
As of June 30, 2007
Pre -Payment
Post -Payment
Projected 6/30/10 Side Fund (SF)
($1,415,848)
Proposed Lump Sum Pmt by9/30/09
$1,338,763
Revised projected 6/30/2010 SF
$0
To initiate this change, the enclosed Lump Sum Payment Request must be completed and returned to the Fiscal
Services Division with a wire transfer or a check by September 30, 2009. A copy should be sent to us.
If you have questions, please call (888) CalPERS (225-7377).
David Du Bois, FSA
Senior Pension Actuary, CalPERS
enc.
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Actuarial Office
P.O. Box 1494
Sacramento, CA 95812-1494
C: Telecommunications Device for the Deaf - (916) 795-3240
(888) CalPERS (225-7377) FAX (916) 795-2744
LUMP SUM PAYMENT REQUEST
Please complete and return this form to the following address, with a copy to the address above.
CalPERS
Fiscal Services Division
Attn: Retirement Programming Accounting
P O Box 942703
Sacramento, CA 94229-2703
Or fax to: 916-795-7622
If a wire transfer is being used, it should go to the following account:
ABA#0260-0959-3
Bank of America Sacramento Main
555 Capitol Mall, Suite 1555
Sacramento, CA 95814
For credit to State of CA, CalPERS
Account # 01482-80005
Please e-mail FCSD_public_agency_wires@calpers.ca.gov on the day of the wire to ensure timely
crediting to your account. Any individual wire totaling over $5,000,000 requires a 72 hour notice.
Employer Name: CITY OF LA QUINTA
Employer Number: 1351
Member Group or Plan: MISCELLANEOUS PLAN
Coverage Group affected by the Payment (choose one within the affected plan): 70002
Amount:
Purpose:
$1,338,763
To pay off the negative side fund
In recognition of our payment please revise our employer contribution rate effective July 1, 2010:
Name and Title: (Please Print):
Signature: - Date:
Mailing Address:
Street Address:
City/State/Zip:
Telephone Number: Fax Number:
E-mail Address:
Fiscal Services verification Date Received Amount Received
Reference # Name and Date:
IS�Ca)t• • r r .,
MI IlIr.r Vr.r �
City of La Cuinta
Projected Lump Sum Payoff Savings
8/31/2009 15:12
CalPERS
City of La Quints
Projected
Payroll
Budgeted
$
7,147,773.00
$ 8,029,319,00
2.2205657622%
2.2205657622%
$
158,721.00
$ 178,296.00
2009/2010
$ 158,721.00
$ 178,296.00
CalPERS
City of La Quints
2010/2011
$
163,879,00
3.250%
$ 184,090.00
3,250%
2011/2012
169,205,00
3,250%
190,073,00
3,250%
2012/2013
174,70400
3.250%
196,250,00
3,250%
2013/2014
180,382,00
3.250%
202,628.00
3,250%
2014/2015
186,245,00
3,250%
209,214,00
3.250%
2015/2016
192,298.00
3.250%
216,013,00
3.250%
2016/2017
198,547.00
3.250%
223,033,00
3.250%
2017/2018
205,000.00
3.250%
230,282.00
3.250%
2018/2019
211,663.00
3.250%
237,767,00
3.250%
2019/2020
218,542,00
3.250%
245,494.00
3,250%
2020/2021
225,644.00
3.250%
253,472.00
3.250%
$
2,128,109.00
$ 2,388,316.00
Less Interest income credit
$
710,262.00
$ 366,587.00
Net before Prepayment
$
1,415,84Z00
$ 2,021,729.00
Less Prepayment Interest Credit
$
77,01t IM
$ 39,785.00
Total Costs
$
1,338,763.00
$ 1,981, 944.00
Pay off Side Fund Savings
$ 643, 881.00
Savings for City
91.98%
$ 591,614,00
Savings for RDA
8,02%
$ 51,567,00
CalPERS City of La Quints
Projected Interest Projected Interest
7.75% 4.00%
$ 107650.00 1 $ 55,561.00
CalPERS
City of La Quints
$ 103,496,00
$ 53,417.00
98,614.00
50,898.00
92,934,00
47,966.00
86,381,00
44,584.00
78,873.00
40,709.00
70,322.00
36,295,00
60,631.00
31,293,00
49,69Z00
25,650.00
37,407.00
19,307,00
23,641.00
12,202,00
8,268.00
4,261.0
$ 710,262.00
$ 366 587.00
lg $
ATTACHMENT 3
City of La Quinta
La Quinta Redevelopment Agency
CalPers Lump Sum Side Fund Payoff Allocation
Fiscal Year 2008/2009
8/31 /2009 14:53
Department
CalPers
Employer
Share
RDA
Percent
RDA
Share
City
Share
City Council
$ 18,820
0.00%
$ -
$ 18,820
City Manager
38,791
10,00%
3,879
34,912
Economic Development
55,514
40.00%
22,206
33,308
Management Services
61,840
10.00%
6,184
55,656
City Clerk
47,440
10.00%
4,744
42,696
Community Services - Admin
53,112
1.50%
797
52,315
Senior Center
18,061
0.00%
-
18,061
Parks & Recreation
8,503
0.00%
8,503
Parks Maintenance
13,927
0.00%
-
13,927
Finance
81,658
8.80%
7,186
74,472
Central Services
-
0.00%
-
-
Building & Safety - Admin
36,481
10.00%
3,648
32,833
Building Inspection
67,455
3.50%
2,361
65,094
Code Compliance
69,893
0.00%
-
69,893
Animal Control
22,274
0.00%
-
22,274
Civic Center Building
12,692
40.00%
5,077
7,615
Emergency Services
10,264
0.00%
-
10,264
Planning - Admin
60,214
8.00%
4,817
55,397
Current Planning
53,803
10.00%
5,380
48,423
Public Works - Admin
39,190
10.00%
3,919
35,271
Public Works - Development Services
76,116
7.50%
5,709
70,407
Street Maintenance
70,948
0.00%
-
70,948
Lighting & Landscape
9,777
0.00%
9,777
JEngineering Services
49,038
4.75%
2,329
46,709
$ 975,811
$ 78,236
$ 897,575
Lump Sum Payoff
:ill- :li - o 9 , 1
8.02% 91.98%
$ 1,338, 663 $ 107,336 $ 1,231,427
Project Area No. 1
Allocation
RDA No. 1 Debt Service
RDA No. 1 Capital Projects
RDA No. 1 Low & Moderate Income
20.73%
49.65%
PA 1
$ 22,251
53,292
Subtotal
70,38%
75,543
Project Area No. 2
Allocation
RDA No. 2 Debt Service
RDA No. 2 Capital Projects
RDA No. 2 Low & Moderate Income
4.27%
25.35%
PA 2
4,583
27,210
Subtotal
29.62%
31,793
Total 100.00% 1
$ 107,336
Oor
I 9
Box 942709
Date: August 25, 2009
Sacramento, CA 94229-2709
Reference No.:
A",P.O.
888 CalPERS (or 888-225-7377)
Telecommunications Device for the Deaf
Circular Letter No.: 200-056-09
C,aIPLRS No Voice (916) 795-3240
Distribution: I, IA, 11B, VI
www.calpers.ca.gov
Special:
Circular Letter
TO: ALL PUBLIC AGENCIES
SUBJECT: IMPACT OF ECONOMIC ENVIRONMENT ON EMPLOYER
RATES AND NEW BOARD APPROVED SMOOTHING
MODIFICATIONS
ATTENTION: FINANCE DIRECTORS, HUMAN RESOURCE DIRECTORS,
PUBLIC AGENCY DECISION MAKERS
CalPERS is sending this circular letter as a result of the CalPERS Board of
Administration's decision at its June meeting to take steps to mitigate the impact of
recent investment market declines on our public agencies' employer contribution rates.
BACKGROUND
As you are no doubt aware the past 18 months have seen significant investment market
volatility and asset value declines for all investors, CalPERS included. In an effort to
provide an early warning of potential employer rate increases CalPERS issued Circular
Letter 310-050-08 on October 6, 2008 in order to inform public agencies of the
CalPERS investment policy and strategy during the market decline. That Circular Letter
also addressed the impact of financial market volatility on employer contribution rates
and on the security of retiree benefits. The dramatic projected increase in employer
contribution rates prompted CalPERS to examine our current approach and provide
alternatives for consideration that might phase in the impact of investment losses while
also allowing some time for the economy to recover.
Although our investment horizon is long term we recognize that investment returns over
the short term fluctuate and lead to volatile employer contribution rates. To counter this,
CalPERS employs a rate smoothing approach which spreads investment returns over a
15 year period. In addition excess returns or shortfalls and other gains and losses to our
pension plans are paid for over a 30 year period which resets annually. We do this
because we expect these deviations from the long term average to cancel each other
out over time:
California Public Employees' Retirement System
www.calpers.ca.gov
«.
" i
2_0 10
Circular Letter #200-056-09 -2- August 25, 2009
FISCAL YEAR 2008/2009 INVESTMENT RESULTS
CaIPERS has released preliminary (net of fees) investment returns for the 2008/2009
fiscal year of negative 23.4%. The final return for the year will not be known until
October when our final Real Estate and Alternative Investment Management (AIM)
investment returns are available. Both the Real Estate and AIM returns lag one quarter
as is industry standard. Such an extraordinary one-time event has put enormous strains
on our economy, businesses, individuals, and local governments. While our smoothing
approach works well during normal economic cycles and has produced very stable
employer contribution rates, such a unique event calls for a deviation from the usual
approach.
Rest assured that, despite the downturn, retirement benefits are secure and CalPERS
has more than enough assets on hand to pay benefits well into the future. CalPERS
continues to manage a well diversified portfolio and maintain a prudent, long term
investment strategy in order to ensure the financial security for those we serve.
WHAT IS CALIPERS GOING TO DO?
To deal with this one time event the CalPERS Board has approved an enhancement to
our current smoothing methodology.
Use a 3-year phase in of the 2008 — 2009 investment loss and allow some time
for the economy to recover. This phased in approach will be achieved by
temporarily relaxing the constraints on the smoothed value of assets around the
actual market value. This corridor which constrains the smoothed value of assets
will be allowed to expand and then contract with the following conditions.
Increase the corridor limits for the actuarial value of assets from 80%-120% of
market value to 60%-140% of market value on June 30, 2009 which impacts
the 2011 — 2012 contribution rate
2. Reduce the corridor limits for the actuarial value of assets to 70%-130% of
market value on June 30, 2010 which impacts the 2012 — 2013 contribution
rate
3. Return to the 80%-120% of market value corridor limits for the actuarial value
of assets on June 30, 2011 and thereafter which impacts the 2013 — 2014
and fiscal years beyond contribution rates
Isolate the asset loss outside of the 80% - 120% corridor and pay for it with a
disciplined fixed and certain 30 year amortization schedule. It is prudent for
2008-2009 Fiscal Year investment losses to be subject to a more stringent
funding schedule and that they should be paid for in full at the end of the 30
years. In this way we will not rely on future investment returns to pay for 2008-
2009 investment losses.
California Public Employees' Retirement System
www.calpers.ca.gov
Circular Letter #200-056-09 -3- August 25, 2009
HOW WILL THIS AFFECT YOUR AGENCY?
Below we provide a table that can be used to gauge your agency's expected increase in
employer contribution rate under the new smoothing approach due to the recent
investment losses. (Note that the increase in employer contribution rates below would
be added to your current rate.)
The illustrated rates are for a generic public agency based on its volatility index. The
volatility index (VI) is the agency's assets divided by payroll and provides a measure of
how sensitive an agency's contribution rate will be due to investment returns. (For
pooled plans the VI is the volatility index of the entire pool). Your agency's volatility
index is provided in your annual actuarial report but a rule of thumb is that a typical
miscellaneous plan has a volatility of between 2.5 and 5, an AB616 formula (2.5% @
55, 2.7% @ 55 and 3% @ 60) miscellaneous plan between 4 and 6 and that of a safety
plan between 5 and 10. The chart below shows the projected increase in employer
contribution rates for fiscal years 2011-2012 through 2014-2015 assuming CalPERS
earns 7.75% after 2008-2009. As an extreme example we have included a plan with a
volatility index of 15.
Projected Increase in Employer Contribution Rate for Public Agencies
Fiscal Year
VI of 4
VI of 6
VI of 8
VI of 10
VI of 15
2011
- 2012
0% `. 1. �°S°.:
19°/a 3.
a4 i 3 7%
_: t
v.. _
. .._2
2012
- 2013
1.6%
2.S%
3.3%
4.1%
6.1%
2013-2014
�;. Z'!°'._....._26°la-:._.
.w34% ,
43% _.
.6_4%
2014
- 2015
0.2%
0.3%
0.4%
0.6%
0.8%
Again, these increases are cumulative. For example, suppose your agency's plan has
volatility index of 4. Referring to the table above, under the VI of 4 column, you can
expect to see a 1.0% of payroll increase in your current employer contribution rate for
FY 2011-2012, an additional 1.6% increase in FY 2012-2013, another 1.7% increase in
FY 2013-2014. The cumulative expected increase in your employer contribution rate at
the end of the three fiscal years is the sum of these individual increases or 4.3% in this
case. Because of our 15 year smoothing method, additional losses will continue to be
recognized, but not as severely as the first three years. Without future investment
gains, your rate will continue to increase by about .2% per year for 15 years.
As identified above, preliminary investment returns do not include the quarter lag for
Real Estate and Alternative Investment Management (AIM). However, we have built
additional conservatism into the chart above to reflect additional losses which we
anticipate will be incorporated into the final return. We have used a negative 28%
return to generate the chart above.
California Public Employees' Retirement System
www.calpers.ca.gov
'"..r% o as -:Z a
12
Circular Letter #200-056-09 -4- August 25, 2009
Please be aware these are only estimates and we do not know the final return on
investments. Your employer rate will also differ due to your own demographic
experience or if you are in a pool, due to the pool's demographic experience.
As of the most recent actuarial valuation there are only three public agencies with
volatility indexes greater than 15. If your particular agency has a volatility index greater
than 15 or if you have other questions you may want to contact your.CalPERS plan
actuary.
In short the new method will provide short-term relief to local government and school
employers while strengthening the long-term financial health of the pension fund.
If you wish to discuss these issues further, please contact your CaIPERS actuary at
888 CaIPERS or (888-225-7377).
Ronald L. Seeling, Chief Actuary
Actuarial & Employer Services Branch
California Public Employees' Retirement System
www.calpers.ca.gov
031
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