HomeMy WebLinkAboutS7-21 Ordinance No. S7-21
AN ORDINANCE
PROVIDING FOR ADVANCE FUNDING FOR THE CITY OF ELGIN
POLICE PENSION FUND AND CITY OF ELGIN FIREFIGHTER PENSION FUND
WHEREAS, the City Council of the City of Elgin has determined that it is appropriate to
provide advance funding for a portion of the City of Elgin's payments to the City of Elgin Police
Pension Fund and the City of Elgin Firefighter's Pension Fund for fiscal year 2022.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
ELGIN:
Section 1. That the City Manager, Richard G. Kozal, be and is hereby authorized and
directed to provide advance funding for a portion of the City of Elgin's payment to the City of
Elgin Police Pension Fund for fiscal year 2022 by transferring the total amount of Two Million
Five Hundred Seventy Thousand Five Hundred Dollars ($2,570,500) from the City of Elgin's
general fund reserves to the City of Elgin Police Pension Fund.
Section 2. That the City Manager, Richard G. Kozal, be and is hereby authorized and
directed to provide advance funding for a portion of the City of Elgin's payment to the City of
Elgin Firefighter Pension Fund for fiscal year 2022 by transferring the amount of Two Million Six
Hundred Thirty Seven Thousand Three Hundred Dollars ($2,637,300) from the City of Elgin's
general fund reserves to the City of Elgin Firefighter Pension Fund.
Section 3. That the foregoing transfers from the City of Elgin general fund reserves to
the City of Elgin Police Pension Fund and City of Elgin Firefighter's Pension Fund shall be made
within thirty(30)days hereof and such payments shall be included within a budget amendment for
the 2021 budget to be hereinafter presented to the City Council.
Section 4. This ordinance shall be in full force and effect upon its passage in the manner
provided by law.
I /
David J. K:orai ayor
Presented: October 27, 2021
Passed: October 27, 2021
Omnibus Vote: Yeas: 9 Nays: 0
Recorded: October 27, 2021
Published: October 28, 2021
Att st:
im erly Dewis, ty Clerk