Resolution 5572

RESOLUTION NO.  5572 
 
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHANDLER, 
ARIZONA, ADOPTING THE UPDATED PENSION FUNDING POLICY AND 
ACCEPTING THE CITY’S SHARE OF ASSETS AND LIABILITIES UNDER 
THE PUBLIC SAFETY PERSONNEL RETIREMENT SYSTEM ACTUARIAL 
VALUATION REPORT. 
 
WHEREAS, the City Financial Policies were developed many years ago to set standards for 
stewardship over financial resources and practices; and   
 
WHEREAS, the City Financial Policies institutionalize strong financial management practices, 
clarify the strategic intent for financial management, define boundaries, manage risks to financial 
condition, support good bond ratings to minimize borrowing costs, and comply with established 
public management best practices; and  
 
WHEREAS, the City Financial Policies provide a guide for sound fiscal planning and budgeting, 
while maintaining fiscal integrity; and 
 
WHEREAS, the City Financial Policies are reviewed annually and are divided into nine 
categories including, Operating Management, Capital Management, Reserves, Debt 
Management, Long-Range Financial Planning, Grants Management, Investment, Accounting, 
Auditing and Financial Reporting, and Pension Funding; and 
 
WHEREAS, The Arizona State Legislature passed House Bill 2097 in 2018 (Laws 2018, Chapter 
112; Arizona Revised Statutes § 38-863.01), which requires the governing bodies of all Public 
Safety Personnel Retirement System (PSPRS) employers to adopt a pension funding policy and 
formally accept their share of the assets and liabilities based on the PSPRS Actuarial Valuation 
Report annually; and 
 
WHEREAS, the City Council desires the Pension Funding Policy attached as Exhibit A, provides 
updates based on the June 30, 2021 Actuarial Valuation Reports, and addresses both PSPRS and 
Arizona State Retirement System (ASRS), clearly communicates the Council’s pension funding 
objectives, its commitment to City employees and the sound financial management of the City, 
and complies with the statutory requirements of Laws 2018, Chapter 112;  
 
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chandler, Arizona, 
as follows: 
 
Section 1. 
The Council hereby adopts the Pension Funding Policy attached hereto as Exhibit 
A and incorporated herein by this reference. 
 
Section 2.  
The Council hereby accepts, as set forth in the Pension Funding Policy, the City’s 
share of assets and liabilities based on the PSPRS Actuarial Valuation Reports.

Resolution 5572 
Page 2 
PASSED AND ADOPTED by the City Council of the City of Chandler, Maricopa County, 
Arizona, this ____ day of April, 2022. 
 
ATTEST: 
 
_______________________________ 
 
 
_____________________________     
CITY CLERK  
 
 
 
 
 
MAYOR 
 
CERTIFICATION 
 
I HEREBY CERTIFY that the above and foregoing Resolution No. 5572 as duly passed and 
adopted by the City Council of the City of Chandler, at a regular meeting held on the ____ day 
of April, 2022, and that a quorum was present thereat.  
 
 
 
 
 
 
_________________________ 
 
 
 
 
 
CITY CLERK 
APPROVED AS TO FORM: 
 
______________________ 
CITY ATTORNEY