By JIM BUTLER

There’s good news and there’s better in the City of Alexandria Employees Retirement System audit report.

The system’s net position for pensions grew $23 million to $217 million in the year ending December 31, 2023, almost entirely from growth in investments value.

That’s the good news.

The better, from the city perspective, is the employer contribution rate of 23.72% of payroll this fiscal year will drop to 20.03% in the next, based on actuarial recommendation. The rate in the audit period was 22.65% on a $23.1 million payroll.

City contributions in the audit period totaled $5.2 million and employees contributed $2.1 million.

Auditors noted the system has no unfunded actuarial liability.

The system CEO, the legendary Richard G. Moriarty, was paid $57,225, auditors noted.