(a) Transmittal of Budget. The board shall annually prepare and transmit to the Mayor and Controller a budget setting forth the estimated cost of maintaining the Retirement Fund. The budget shall include separate items as follows:
(1) City Contributions. A sum equal to a percentage of the salaries of all members of the retirement system, which percentage shall be the same as that shown in the last actuarial report rendered, as herein before provided to be the percentage required for members of departments with no past service.
(2) Liquidation of Unfunded Liabilities. A sum sufficient to liquidate, over a period of up to 30 years, any accrued unfunded liabilities assumed by the System.
(3) Administrative Expenses. At the discretion of the City Council, the administrative expenses of the System.
(b) General Obligation of the City. The obligation to pay benefits of LACERS shall be a general obligation of the City of Los Angeles.