An Ordinance providing for Government funding of a Death Benefit Escrow for the fiscal year beginning July 1, 2016:
WHEREAS, Ordinances heretofore adopted by the Council of Columbus, Georgia provided a Death Benefit Escrow Fund for employees; and
WHEREAS, Actuarial Consultants have evaluated the Death Benefit Escrow Plan and the investment return assumption of 7% per annum, and thus determined that the amount of $447,737 is required to fund the Plan for fiscal year ending June 30, 2017. The amount to be prorated among the Consolidated Government of Columbus, Georgia (includes Keep Columbus Beautiful Commission), the Columbus Board of Water Commissioners, the Hospital Authority of Columbus, and the Columbus Airport Commission based on actual earnings of active participants in the Plan for the previous fiscal year is as follows: Consolidated Government, 79.75% or $357,070 (includes Keep Columbus Beautiful Commission, 0.06% or $269); Columbus Board of Water Commissioners, 7.73% or $34,610; Hospital Authority of Columbus, 11.72% or $52,475, and the Columbus Airport Commission, 0.80% or $3,582.
NOW THEREFORE THE COUNCIL OF COLUMBUS, GEORGIA HEREBY ORDAINS:
That the following named agencies shall make the following contributions for fiscal year 2017 to the Finance Director of the Consolidated Government as their prorated share of the cost of the Death Benefit Escrow Fund by July 15
Consolidated Government $ 357,070
Columbus Board of Water Commissioners $ 34,610
Hospital Authority of Columbus $ 52,475
Columbus Airport Commission $ 3,582
Introduced at a regular meeting of the Council of Columbus, Georgia, held the 7th day of June, 2016; introduced a second time at a regular meeting of said Council held on the _____ day of June, 2016, an adopted at said meeting by the affirmative vote of _____ members of said Council.
Councilor Allen voting_____________
Councilor Baker voting_____________
Councilor Barnes voting____________.
Councilor Davis voting_____________.
Councilor Garrett voting____________.
Councilor Henderson voting________.
Councilor Huff voting______________
Councilor Pugh voting______________.
Councilor Thomas voting___________.
Councilor Woodson voting__________.
TINY B. WASHINGTON, CLERK TERESA PIKE TOMLINSON, MAYOR