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RESOLUTION NO. 5877 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHANDLER, ARIZONA, ADOPTING AN UPDATED FINANCIAL POLICY FOR THE 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 annually adopt a pension funding policy and formally accept their share of the assets and liabilities based on the updated PSPRS Actuarial Valuation Report; and WHEREAS, the City Council complies with the statutory requirements of Laws 2018, Chapter 112 in the Pension Funding Policy attached as Exhibit A, which provides updates based on the June 30, 2024 Actuarial Valuation Reports, and addresses both PSPRS and Arizona State Retirement System (ASRS), clearly communicates the Council’s pension funding objectives, the City’s commitment to its employees and the sound financial management of the City, and accepts the City’s share of assets and liabilities based on that report, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chandler, Arizona, as follows: Section 1. The Council hereby accepts and adopts the updates to the Pension Funding Financial Policy as presented in Exhibit A incorporated herein by this reference, and that these updates shall become effective upon approval, providing a foundation for the Fiscal Year 2025-26 budget. 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 June 30, 2024, PSPRS Actuarial Valuation Report. Resolution 5877 Page 2 PASSED AND ADOPTED by the City Council of the City of Chandler, Maricopa County, Arizona, this 27th day of March, 2025. ATTEST: _______________________________ _____________________________ CITY CLERK MAYOR CERTIFICATION I HEREBY CERTIFY that the above and foregoing Resolution No. 5877 as duly passed and adopted by the City Council of the City of Chandler, at a regular meeting held on the 27th day of March, 2025, and that a quorum was present thereat. _________________________ CITY CLERK APPROVED AS TO FORM: ______________________ CITY ATTORNEY