Specifications include, but are not limited to: A. Accounting and Fund Structure The Agency uses “Proprietary” funds (all Enterprise funds) to account for its various activities. Currently, there are 7 funds, used for tracking purposes. CBRFA also uses enterprise funds. IERCA has one single fund. The accrual method of accounting is used, and budgets and financial reports are prepared consistent with Generally Accepted Accounting Principles (GAAP) including accounting and financial reporting standards and principles established by Governmental Accounting Standards Board (GASB). B. Computer System The Agency uses SAP as its Enterprise Resources Planning (ERP) system for financial, payroll, procurement, and plant maintenance processes for all entities, (Agency, CBRFA and IERCA), including financial reports and accounting and payroll records. C. Pension Plans Employees of the Agency have the following pension plans available to them: 1. California Public Employees Retirement System The Agency participates in the California Public Employees Retirement System (PERS), an agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for participating public entities within the state of California. Actuarial services are provided by the California Public Employees Retirement System. 2. Deferred Compensation Plans – available to all Agency staff. The Agency maintains a deferred compensation plan for employees under the Internal Revenue Code (IRC) Section 457. Under this plan, the employee may choose to defer income until retirement or termination. Since the funds are held by a Trustee, they are not reflected on the books and records of the Agency. The Agency currently contributes a fixed amount to 457 accounts with active employee contributions. 3. Deferred Compensation Plan The Agency maintains a deferred compensation plan under IRC Section 401(a) whereby certain employees have elected to participate. Under this plan, the group of employees must defer an irrevocable fixed percentage of their income until retirement or termination. Since the funds are held by a Trustee, they are not reflected in the books and records of the Agency.
