§ 10-5-103. FINANCING THE FUND.

(a)

Create a reserve. Annually the county shall appropriate and pay to the fund an amount which, when combined with the projected current year end balance, is projected to create a reserve that, on a present-value basis, will satisfy all liabilities expected to occur in the upcoming fiscal year.

(b)

Liability. The county shall annually appropriate funds to pay at least a portion of the outstanding unpaid liability, as determined by actuarial analysis.

(c)

Projected liability. When the outstanding unpaid liability has been funded, the appropriation procedure will be based on actuarial analysis to fund 100% of the projected outstanding liability (on a present value basis) of the fund for the current year, all prior years, and the upcoming fiscal year.

(d)

Amount of reserve. The amount of the reserve required shall be based on analysis of the county's past claims experience and probable future claims, including the timing of payments, and shall be determined by the Director of Budget and Finance in consultation with appropriate county agencies and advisers.

(1988 Code, § 15-193) (Bill No. 141-93, 1993, § 1; Bill No. 69-95, § 6, 7-1-1995; Bill No. 49-96, § 9, 7-1-1996; Bill No. 83-00, § 2, 7-1-2004; Bill No. 77-15, § 2, 11-4-2015 )