City Council

9.3 ANNUAL RETIREMENT FUND TAX LEVY CERTIFICATION\nComments:\nOn April 16, 1946, the City of Lynwood’s residents approved and adopted a property levy\ntax (Retirement Tax). The City’s retirement tax was approved by voters to support City\nemployees’ and former public safety employees’ retirement costs and contributions to the\nCity’s State-administered retirement system (CalPERS). On October 13, 1998, the City\nCouncil adopted Resolution No. 98-177, approving a settlement in the matter of Howard\nJarvis Taxpayers Association v. City of Lynwood. One of the conditions of the settlement\nwas to fix the rate of the tax related to the Retirement Fund at $0.125 per $100 of\nassessed valuation. (FIN)\nRecommendation:\nStaff recommends that the City Council adopt the attached resolution entitled, “A\nRESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD DECLARING ITS\nINTENTION TO ORDER THE LEVY AND COLLECTION OF TAXES FOR THE CITY’S\nCONTRIBUTION TO THE RETIREMENT FUND”.