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To create three new reservations of fund balance called the 2019 Cost of Living Adjustment for City Retirees Reserve, the 2019 Richmond Retirement System Unfunded Liability Reduction Reserve, and the 2019 Capital Projects Replenishment Reserve, each intended to be categorized as a committed fund balance and used, respectively, to provide a one-time, one-percent cost of living adjustment for each member of the Richmond Retirement System who has received a retirement allowance for at least one year at the time such adjustment is granted, to reduce the unfunded liability of the Richmond Retirement System, and to restore funding to certain capital projects for which funding was reduced in the Fiscal Year 2019-2020 capital budget.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That:
(a) A new reservation of fund balance called the 2019 Cost of Living Adjustment for City Retirees Reserve is hereby created. Up to the first $6,200,000.00 of any general fund balance, as section 12-251(a)(2) of the Code of the City of Richmond (2015), as amended, defines "general fund balance," for the fiscal year commencing July 1, 2018, and ending June 30, 2019, shall be committed to the 2019 Cost of Living Adjustment for City Retirees Reserve. It is the intent of this ordinance that the amount committed to the 2019 Cost of Living Adjustment for City Retirees Reserve be appropriated to the Richmond Retirement System for the purpose of providing a one-time, one-percent cost of living adjustment for each member of the Richmond Retirement System who has received a retirement allowance for at least one year at the time such adjustment is granted.
(b) A new reservation of fund balance called the 2019 Richmond Retirement System Unfunded Liability Reduction Reserve is hereby created. After the reservation of fund balance described in subsection (a) of this section has been fulfilled, up to $1,000,000.00 of any general fund balance, as section 12-251(a)(2) of the Cod...
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