Page 345 - FY 2020-21 Blue Book Volume II

City Employees' Retirement Fund

2019-20 2020-21 Change From
Adopted Proposed 2019-20
Budget Budget Budget
Financing Source

Tax and Revenue Anticipation Notes $ 559,317,775 $ 532,649,398 $ (26,668,377)
Airports 87,210,566 79,547,574 (7,662,992)

Harbor 23,175,744 25,458,130 2,282,386
City Employees Retirement System (LACERS) 3,881,161 4,488,509 607,348

Fire and Police Pensions System (LAFPP) 3,194,090 3,755,891 561,801
TOTAL FINANCING SOURCE $ 676,779,336 $ 645,899,502 $ (30,879,834)

1. Unfunded Actuarial Accrued Liability (UAAL).
2. Effective February 21, 2016, LACERS members hired on or after February 21, 2016 are Tier 3 Members.
3. The annual City contribution to LACERS is based on total budgeted payroll and the actuarially determined contribution
rate. LACERS conducts a true-up based on actual covered payroll for all benefit tiers. The amount is reflected as an
adjustment to the annual required City contribution for the following fiscal year. The true-up adjustment is broken down as
follows: City General Fund (-$40,110,732), Airports (-$5,327,027), Harbor (-$704,112), LACERS (-$33,742), and LAFPP
($58,970).

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