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File #: 19-1272    Version: 1
Type: Bill Status: Passed
File created: 11/8/2019 In control: Finance & Governance Committee
On agenda: 12/9/2019 Final action: 12/9/2019
Title: A bill for an ordinance making a supplemental appropriation from General Fund Contingency to the Department of Finance to make a payment to the Denver Employees Retirement Plan. Approves a supplemental appropriation of $4,772,435 from General Fund contingency to the Department of Finance for a payment in 2019 to maintain the Denver Employees Retirement Plan (DERP) on a sound actuarial basis. The Committee approved filing this item at its meeting on 11-19-19.
Indexes: Jonathan Griffin
Attachments: 1. BR19 1272 DOF DERP Supplemental Appropriation, 2. Yearend Supplemental Round Two_Master_Deck(ska), 3. CB19-1272_DOF_DERP_Supplemental, 4. 19-1272 Filed Bill_DOF_DERP_Supplemental, 5. 19-1272- signed, 6. 19-1272 Filed A bill for an ordinance making a supplemental appropriation from General Fund Contingency to the Department of Finance t
Finance Item/Grant Request Template

Date Submitted: 11-8-19

Requesting Agency: Finance
Division:

Subject Matter Expert Name:

Name: Rachel Bardin and Stephanie Adams
Email: Rachel.Bardin@denvergov.org; Stephanie.Adams@denvergov.org

Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney's Office should enter the title above the description (the title should be in bold font).

Both the title and description must be entered between the red "title" and "body" below. Do not at any time delete the red "title" or "body" markers from this template.
title
A bill for an ordinance making a supplemental appropriation from General Fund Contingency to the Department of Finance to make a payment to the Denver Employees Retirement Plan.
Approves a supplemental appropriation of $4,772,435 from General Fund contingency to the Department of Finance for a payment in 2019 to maintain the Denver Employees Retirement Plan (DERP) on a sound actuarial basis. The Committee approved filing this item at its meeting on 11-19-19.
body

Affected Council District(s) or citywide?

Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The City and County of Denver's contributions to DERP are increasing by 3.5% of salaries in 2020. The 2020 Budget reflects an equal split in the increase between the employees and the City, such that contributions from both will increase by 1.75% of salaries. After hearing from City employees, the Mayor's Administration has made a commitment to make a payment to offset the General Fund employees' contributions in the amount of $4,772,435, or 1% of the 1.75%. This supplemental request rescinds $4,772,435 fr...

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