HomeMy WebLinkAboutCOM 0154.000 2002-2004 MtY or N
Harry Kim William Takaba
Mm'm' Dimc[nr
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Nancy E. Crawford
Q ti,uF,M~~~ Deputy Onremr
County of Hawaii
Finance Department
25 Aupuni Strwt, Room 118 • Hilq Hawaii 96720 _ _
(808)961-8234 • Fax (808)961-8248
February 21, 2003
Honorable James Arakaki, Chairperson and
Members of the County Council
Hawaii County Council
25 Aupuni Street
Hilo, Hawaii 96720
Re: Resolution Transferring Funds
Enclosed is a resolution transferring $45,600 out and from the Provision for
Compensation Adjustment account and credited to the ERS Pension Accumulation
Fund account. The State Legislature approved an one time lump sum bonus of $200
for each retiree who is seventy years of age and older and whereas, this payment was
made to County of Hawaii retirees by the State of Hawaii Employees Retirement
System (ERS). This amount was not included in our actuarial determined payment
amount and was billed separately.
The amount of the transfer is the amount of the total bonus payment for County of
Hawaii ERS retirees. There are funds available in the Provision for Compensation
Adjustment account as not all funds budgeted is needed by the various departments.
If there are any questions, please do not hesitate to contact Controller Deanna Sako.
~illia Takab~
' Director of Finance
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Form B-52
7/18/91
DEPARTMENT OF FINANCE
REQUEST FOR COUNCIL ACTION
DEPARTMENT: Finance DATE: 2/20/03
STAFF CONTACT: Deanna Sako PHONE: 961-8425
A. REQUEST:
To transfer funds from:
010-911-5911.04 Provision for Compensation Adjustment $45,600
To transfer funds to:
010-901-5901.10 ERS Pension Accumulation Fund $45,600
B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED):
The State Legislature approved a one time lump sum bonus of $200 for each retiree who is seventy years of
age and older. This payment was made to County of Hawaii retirees by the State of Hawaii Employees
Retirement System. This amount was not included in our acturaial determined payment amount and was
billed separately. The amount of the transfer is the amount of the total bonus payments for County of Hawaii
ERS retirees.
There are additional funds available in the Provision for Compensation Adjustment account as not all funds
budgeted were needed by the various departments.
SIGNED: DATE: 2/20/03
Department Head