(a) The city human resources director or their designee shall present a report to the board of trustees at the time of the annual actuarial valuation report each year showing the fiscal transactions of the retirement system for the year ended the preceding December 31, and the last balance sheet showing the financial condition of the retirement system by means of an actuarial valuation basis.
(b) The board of trustees shall publish an annual report containing financial statements and an actuarial valuation of the retirement system. The report shall be filed with the retirement laws committee created by SDCL 2-6-8 and shall be available to each member of the retirement system. The financial statements contained in the report shall be audited by an independent certified public accountant. The actuarial valuation required in the report shall include the information required under the provisions of SDCL 3-12-47(6) and shall be performed by an approved actuary as defined by SDCL 3-12-47(9).
(1957 Rev. Ords., § 2.509; 1992 Code, § 35-75) (Ord. 108-85, passed 12-2-1985; Ord. 36-95, passed 3-6-1995; Ord. 118-16, passed 12-20-2016)