HomeMy WebLinkAbout0108.093December 31, 1992
HONORABLE CIT~ CO~~CIL
Palo Alto, California
Members of the Council:
lIB'l'TL!jIIJ!!T OJ' All 702 ~"",GE
This is an informational report and no Council action is required.
As part of the 1991 State budget agree~ent, credits were made to
~gencies who were members at the Public ~ployee Retirement system.
The City's portion of the total credit is:
General FUnd
Enterprise Funds
Total
AS 702 PERS CREDIT
($ million)
1991-92
$2.1
0.5
$2.6
$2.9
lL..§.
$3.5
.IQill
$5.0
1.,.1
$6.1
Because of legal challerlgcs to the State's action, the City had
reserved the amounts credited until litigation was settled. On
December .14, the Un.t ted States Supreme Court refused to hear the
challenge to AB 702, .~lgYp'ool_v. Wilson. The Court made no comment
and did not announce its reasons for refusing the case. This ends
appeals of the decision by the California appellate court which
approved the actions taken in AS 702.
The Council referred to the Finance committee discussion of the use
of the credit once litigation was =.ettled. This item will be
sCt.eduled tor Fin~nce Committee discussion in February 1993.
CMR:10B:9J
Resp~ct!ul1y submitted,
--r?,! Hi ", . .(.)
Emny Harrison
Oi~ ctor 0'lEoFi ce
Flemi
Manager
Related Staff Reports:
CMR:l08:9J
CMR:449:91
C'MR:l.22:92
CMR:154:92
Cl!R: 317: 92
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