Page 287 - FY 2021-22 Blue Book Volume 2

City Employees' Retirement Fund

2020-21 2021-22 Change From
Adopted Proposed 2020-21
Budget Budget Budget
Financing Source
Tax and Revenue Anticipation Notes $ 532,649,398 $ 586,459,343 $ 53,809,945
Airports 79,548,574 90,681,027 11,132,453
Harbor 25,458,130 28,443,102 2,984,972
City Employees Retirement System (LACERS) 4,488,509 5,858,755 1,370,246
Fire and Police Pensions System (LAFPP) 3,755,891 4,064,794 308,903

TOTAL FINANCING SOURCE $ 645,900,502 $ 715,507,021 $ 69,606,519

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 (-$28,585,653), Airports (-$5,360,215), Harbor (-$454,329), LACERS ($382,144), and
LAFPP (-$71,346).

755