A. There shall be paid into the retirement fund each year by contributions of the city, the amounts as necessary to fund all pensions and other benefits allowable under the retirement system to members on account of current service.

B. Such amounts required on account of current service, shall be determined by applying a percentage, to be changed only as recommended by the actuary in the light of periodical investigation and valuation results, to members’ earned salary.

C. The percentage shall be the ratio of the liabilities under the system on account of current service, which are not met by member’s contributions, and less the assets derived from the city’s current service contributions, to the present value at the date of determination of members’ future compensation.

D. After the close of each month the retirement board shall determine the aggregate amount of the members’ earned compensation during such month and shall determine the city’s contribution by applying the percentage, and shall certify the amount of contribution to the finance director, who shall then transfer an equal amount to the retirement fund from the budget appropriation or general fund for the then current fiscal year. (Prior code § 5.38.110(f))