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Commissioner Philbeck - Finance - Appropriation of Fund Balance in the Amount of $106,625 for the Register of Deeds Supplemental Pension Fund
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STAFF CONTACT
Linda Grimsley - Interim Finance Director - 704-866-3035 and Susan Lockridge - Register of Deeds - 704-862-7680
BUDGET IMPACT
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Appropriate $106,625 out of fund balance
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BUDGET ORDINANCE IMPACT
The appropriation will increase the Register of Deeds retirement expense account by $106,625.
BACKGROUND
Article 3 of the NC General Statutes Chapter 161 authorized the Register of Deeds Supplemental Pension Fund Act of 1987. The Article provides supplemental pension benefits for all county registers of deeds that are retired from Local Government Employees’ Retirement System or an equivalent locally sponsored plan. Beginning October 1, 1987 each county was required to remit monthly to the Department of State Treasurer a percentage of the monthly receipts collected pursuant to Article 1 of Chapter 161 of the General Statutes to be deposited into the Register of Deeds’ Supplemental Pension Fund. It has been determined that payments submitted by Gaston County have not been calculated correctly. The Department of State Treasurer is requiring the county to correct all payments from October 1987 to October 2018. No penalties or interest are being assessed due to the error. In addition, the correction also requires an increase in the amount of funds needed for FY 2019 payments. The estimated increase is $20,000. The total amount of fund balance needed is $106,625.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request