Page 327 - 2022-23 Blue Book Vol 2

City Employees' Retirement Fund

2021-22 2022-23 Change From
Adopted Proposed 2021-22
Budget Budget Budget
Financing Source

Tax and Revenue Anticipation Notes $ 601,508,093 $ 631,511,353 $ 30,003,260
Airports 90,681,027 92,450,784 1,769,757

Harbor 28,443,102 29,027,933 584,831

City Employees Retirement System (LACERS) 5,858,755 6,410,736 551,981
Fire and Police Pensions System (LAFPP) 4,064,795 4,465,645 400,850
TOTAL FINANCING SOURCE $ 730,555,772 $ 763,866,451 $ 33,310,679

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 (-$65,999,084), Airports (-$7,770,973), Harbor (-$1,326,264), LACERS ($79,768), and LAFPP
(-$177,807).

865