REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
June 25, 2024
FROM
ENSEN MASON, Auditor-Controller/Treasurer/Tax Collector
SUBJECT
Title
Annual Employer Retirement Contribution Advance Payment
End
RECOMMENDATION(S)
Recommendation
Authorize the Auditor-Controller/Treasurer/Tax Collector to make an advance payment of $333,145,947 to the San Bernardino County Employees' Retirement Association within 30 days after the commencement of the fiscal year for San Bernardino County's estimated annual retirement contribution for 2024-25.
(Presenter: Diana Atkeson, Assistant Auditor-Controller/Treasurer/Tax Collector, 382-7004)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
Pursue County Goals and Objectives by Working with Other Agencies and Stakeholders.
FINANCIAL IMPACT
The total County General Fund retirement contribution for 2024-25 is estimated to be $344,267,200, discounted by $11,121,253 after a reduction for the foregone estimated treasury earnings of $7,533,998, for a net savings of $3,587,255 for the prepayment amount of $333,145,947.
BACKGROUND INFORMATION
Government Code Section 31582(b) allows San Bernardino County (County) to make an advance payment of all or part of the County's estimated annual retirement contribution, provided that the payment is paid within 30 days after the commencement of the County's fiscal year. The County has taken advantage of this advance payment option in the past, prepaying the General Fund contribution to the San Bernardino County Employees' Retirement Association (SBCERA) for the entire fiscal year. The prepaid amount is discounted by SBCERA, resulting in savings to the General Fund.
The County has calculated a discount of $11,121,253 to the General Fund for fiscal year 2024-25. The Auditor-Controller/Treasurer/Tax Collector...
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