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Councilmember Thorne asked Ms. Wagner to explain the concept of "80% funded" in terms of future liability. Ms. Wagner explained that in looking at the ratio of assets to unfunded liability, the goal is to achieve an 80% or greater funding level. The unfunded actuarial liability changes on a nearly daily basis due to market impacts, so attempting to fund the liability fully presents significant challenges. Councilmember Thorne clarified that when the public speaks of future unfunded liability, many do not recognize that this is really only about 20% of the total liability. Councilmember McGovern recalled that another issue with attempting to pay of the liability in full is that the monies tend to perform better in the City's own investments as opposed to PERS. Mayor Hosterman noted there were no speakers to address this item. Councilmember Thorne said he was initially surprised to see the City working with a new auditor. While he agreed with the policy to change auditors every seven years, he asked that the Audit Committee have the option of participating in the selection process the next time. MOTION: It was m/s by Thorne/Cook-Kallio to accept the Comprehensive Annual Financial Report (CAFR) and other related audits for the year ending June 30, 2011 and approve year-end audit adjustments. Councilmember McGovern said it has been an ongoing issue that, when presented with a "balanced budget," the public is generally unaware that this unfunded liability also exists. She asked if the proposed accounting changes would better reflect the overall financial picture. Ms. Wagner pointed out that the balance sheet and budget presentations are entirely different. Councilmember Sullivan commended staff on achieving another clean audit report. MOTION: It was m/s by Thorne/Cook-Kallio to accept the Comprehensive Annual Financial Report (CAFR) and other related audits for the year ending June 30, 2011 and approve year-end audit adjustments. Motion passed by the following vote: Ayes: Councilmembers Cook-Kallio, McGovern, Sullivan, Thorne, Mayor Hosterman Noes: None Absent: None 11. PULLED FROM THE AGENDA — Public Hearing: P11-0664, Carl Pretzel (Appellant); Todd Deike (Applicant) — Consider an appeal of a Planning Commission decision approving an Administrative Design Review to retain existing fencing measuring up to 85 inches in height along the rear and side yards of the residence located at 3642 Carlsbad Court 12. PULLED FROM THE AGENDA — Public Hearing: P11-0731, Carl Pretzel (Appellant); Robert Baker (Applicant) — Consider an appeal of a Planning Commission decision approving an Administrative Design Review to construct an approximately 74-foot long fence, varying in height from 72 inches to 83 inches between 3647 and 3633 Glacier Court North 13. Consideration regarding participation in the Alameda County Waste Management Authority's Mandatory Commercial Recycling and Single Use Bag Reduction Programs Mr. Bocian presented the staff report, stating that Stopwaste.org adopted the two ordinances under consideration in January 2012 and has submitted them for consideration by local jurisdictions. The Mandatory Commercial Recycling program is part of the County's long-range waste management plan that aims to reduce total waste material to 10% by 2020. The State recently adopted AB 341, which sets forth a mandatory commercial recycling throughout California, and has indicated that the City Council Minutes Page 3 of 5 February 21, 2012