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_ 61vittontraTO: BOARD OF SUPERVISORS
Costa
FROM: PHIL BATCHELOR, County Administratoro u my
DATE: November 14, 2000
SUBJECT: CONTRA COSTA COUNTY EMPLOYEES' RETIREMENT ASSOCIATION
1999 STATEMENT OF FINANCIAL CONDITION 7 � }'
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
RECEIVE the annual statement of financial condition of the Contra Costa County Employees'
Retirement Association for the year ended December 31, 1999.
BACKGROUND:
Government Code Section 31597 requires CCCERA, prior to April 30 of each year, to file in the
Office of the County Auditor and with the Board of Supervisors an annual statement of the
financial condition at the close of the preceding December 31 at.
CCCERA notified the Board of Supervisors by letter on April 27, 2000 that due to problems
related to the implementation of the new payroll system, the reporting deadline could not be met.
With the resolution of those problems, CCCERA is attempting to become current in its reporting
and anticipates that it will be able to meet future reporting deadlines.
ATTACHMENT:YES/ SIGNATURE: '
COMMENDATION OF COUNTY ADMINISTRATOR RECOMMEND N OF BOARD COMMITTEE
frPROVE OTHER
SIGNATURE(S):
ACTION OF BOA i i3c/N�2 t f`7` v APPROVE AS RECOMMENDED QTHM
VOTE OF SUPERVISORS 1 HEREBY CERTIFY THAT THIS IS A TRUE
AND CORRECT COPY OF AN ACTION TAKEN
UNANIMOUS(ABSENT ✓ Q _ ) AND ENTERED ON THE MINUTES OF THE
BOARD OF SUPERVISORS ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN:
ATTESTED
CONTACT:JULIE ENEA(925)335-1077 P 1L AT�� ,CLERK F THE
BOARD OF SUPERVISORS AND
COUNTY ADMINISTRATOR
cc COUNTY ADMINISTRATOR
TREASURER-TAX COLLECTOR n
AUDITOR-CONTROLLER l� ;
RETIREMENT ADMINISTRATOR �EPUTY
CONTRA COSTA COUNTY
CLERK.OF THE BOARD
TO: Phil Batchelor, County Administrator DATE: October 2, 2000
FROM: Ann Cervelli, Chief Clerk
SUBJECT: Statement of Plan Net Assets and Statement of Changes In Plan
Net Assets from CCERA
In accordance with established Board policy, the attached communication is being
referred to your department for disposition.
If no Board action is required,please furnish this office with a copy of your
response by August 23, 1999. This will enable us to close our file on this
correspondence.
In the event action is required by the Board, please submit your report and
recommendation to the County Administrator for listing on the Board's agenda.
ac
Attachment
cc: Board Members
County Counsel
Ul
1 V
i
a � Ile
� Employees' PetirementAmciation
1355 willow way suite 221 concord ca 94520
925.646.5741 fax 925.646.5747
October 2,2000
The Board of Supervisors
Contra Costa County
Martinez, CA 94553
Enclosed please find a Statement of Plan Net Assets and a Statement of Changes in Plan Net
Assets for the year ended December 31, 1999 for Contra Costa County Employees' Retirement
Association.
Government Code Section 31597 requires CCCERA,prior to April 30 of each year,to file in the
office of the County Auditor and with the Board of Supervisors a statement of the financial
condition at the close of the preceding December 31St.
CCCERA notified the Board of Supervisors by letter on April 27,2000 that we would be unable
to meet the date requirement because of the inability to timely close our books due to the
reporting difficulties of the Peoplesoft payroll program implemented by the County. Since that
time,the problems have been rectified and CCCERA is attempting to become current in its
reporting. We anticipate that CCCERA will be able to file the December 31,2000 financial
statement with the Board by April 30, 2001.
Very truly yours,
r
Patricia F.Wiegert, CEBS
Retirement Administrator
PFW:rak
Enclosure
CC: Kenneth Corcoran
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k CONTRA COSTA COUNTY
EMPLOYEES' RETIREMENT ASSOCIATION
STATEMENT OF PLAN NET ASSETS
DECEMBER 31, 1999
Assets
Cash equivalents $ 74,327,382
Receivables:
Contributions 1,812,778
Installment contracts 476,368
Investment income 9,372,013
Total receivables 11,661,159
Investments at fair value:
Domestic stocks 1,136,286,948
Domestic bonds 1,005,726,132
International stocks 467,208,724
International bonds 96,651,191
Real estate 177,202,812
Alternative investments 56,377,743
Total investments 2,939,453,550
Other assets:
Prepaid expenses and deposits 286,263
Fixed assets, net of accumulated depreciation 176,316
Total Assets 3,025,904,670
Liabilities
Employer contributions unearned 19,040,676
Accrued benefits payable 7,565,585,
Accounts payable 1,341,520
Investment trades 10,202,512
Unclaimed contributions 444,726
Contributions refundable 144,870
Other liabilities 75,915
Total Liabilities 38,815,804
Net Assets Held in Trust for Pension Benefits $ 2,987,088,866
CONTRA COSTA COUNTY '/��✓-` `
EMPLOYEES' RETIREMENT ASSOCIATION
STATEMENT OF CHANGES IN PLAN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1999
Additions:
Contributions:
Employer $ 49,254,260
Employee 14,460,506
Total contributions 63,714,766
Investment income:
Net appreciation in fair value of investments 334,858,826
Net increase in fair value of real estate 8,809,819
Interest 48,045,571
Dividends 12,939,953
Real estate income, net 5,894,604
Other income 767,562
Investment expense (8,548,823)
Net investment income,before securities lending income 402,767,512
Securities lending income:
Earnings 3,330,586
Rebates (3,149,848)
Fees (72,215)
Net securities lending income 108,523
Net investment income 402,876,035
Total additions(contributions and investment income) 466,590,801
Deductions:
Benefits paid 100,519,544
Retirement healthcare benefits
reimbursed to the County of Contra Costa 8,625,395
Administrative and other 3,053,422
Prepayment discount 3,268,022
Refunds of contributions 856,620
Adjustments and transfers 199,370
Total deductions 116,522,373
Net Increase 350,068,428
Net Assets Field in Trust for Pension Benefits:
Beginning of year 2,637,020,438
End of year $ 2,987,088,866