Ord 66-2024 One Time Appropriation of $1 Million to WFFRRF 12/17/2024 Ordinance No. 66-2024
Ordinance making an appropriation from the General Fund for a one-
time contribution of $1,000,000 to the Wichita Falls Firemen's Relief
and Retirement Fund (WFFRRF)
WHEREAS, the City of Wichita Falls and the firefighters contribute to the WFFRRF
as a pension fund for firefighters; and,
WHEREAS, the Pension Review Board (PRB) is requesting that the WFFRRF
develop a funding soundness restoration plan (FSRP) to ensure that the fund adequately
provides for future pension benefits; and,
WHEREAS. a one-time contribution of$1 ,000,000 to the plan helps to improve the
financial standing of the plan; and,
WHEREAS, the General Fund has adequate reserves to make this contribution
while remaining within policy reserve levels; and,
WHEREAS, the expenditure is necessary to help ensure that the pension is
adequately funded and could not have been anticipated when the original budget was
adopted.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
1 . There is hereby appropriated in the General Fund $1 ,000,000 for a one-time
contribution to the Wichita Falls Firemen's Relief and Retirement Fund.
2. Pursuant to state law, no expenditure of the funds of the City shall hereafter be
made except in compliance with the budget and applicable state law; provided,
however, that in the case of grave public necessity emergency expenditures to
meet unusual and unforeseen conditions, which could not be reasonable,
diligent thought and attending have been included in the original budget, may
from time to time be authorized by the City Council as amendments to the
original Budget and does, based on evidence presented herein and during the
Council meetings, hereby finds a grave public necessity exists to modify the
original budget and said grave public necessity was unforeseen.
PASSED AND APPROVED this the 17th day of December 2024.
MAYOR
ATTEST:
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City Clerk