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Mayor Thorne opened the item for public comment. Arne Olson commented that the unfunded pension liability has been a prevalent topic on the campaign trail, noting that in one interview a point was made that the debt load may be negatively amortized over the 30 year term. He suggested it would be beneficial to undertake an instructive exercise to determine, based on current parameters, what time span would be appropriate to avoid negative amortization. Mayor Thome closed public comment. Mayor Thorne said he was asked the same question regarding negative amortization and thought it might be useful to examine the cost over various time periods. Ms. Wagner explains that CaIPERS ultimately makes those decisions on the city's behalf. Mr. Fialho said he too was asked the same question about a 15 year amortization period. He explained that the recent reform implemented by the PERS board has the primary objective of achieving 100% funding at the end of 30 years, and that if PERS does not achieve its projected return on investment the city's rates will increase more than the already substantial increases expected over the next 3 years. He agreed it would be an interesting exercise but said that short of making additional payments as the city is already doing, it would achieve little. MOTION: It was m/s by Pentin /Cook - Kallio to waive full reading and adopt Resolution No. 14 -715 accepting the 2013/14FY Unaudited Financial Report for the Operating Budget and amending the 2013/14FY Operating Budget. Motion passed by the following vote: Ayes. Councilmembers Brown, Cook- Kallio, Narum, Pentin, Mayor Thorne Noes: None Absent: None BREAK Mayor Thorne called a brief recess and reconvened the regular meeting at 9:19 p.m. 14. Review and consider the City of Pleasanton's 2014 Cultural Plan Community Services Manager Crose presented the staff report, stating the following purposes of the Cultural Plan: to provide a realistic and visionary guide for the development and management of facilities, programs and amenities for the community within the context of the General Plan; to incorporate the Plan's recommendation into future City Council Work Plans; to incorporate recommendations as funding becomes available into the Operating Budget, Cultural Improvement Plan, and Repair and Replacement Plan; and to update the 1998 Cultural Plan per the goals stated in the 2011/12 City Council Work Plan. She described the three phases of the project, the first of which included project initiation and the formation of a 14 member steering committee and extensive review of relevant background information including other city plans. Phase two involved community engagement and assessment, research and a community process designed to identify the community's vision and priorities, assess needs and resources and engage a broad section of the community in the planning process. This included 3 steering committee meetings, 2 community Town Hall meetings, 3 focus group meetings, 23 key stakeholder interviews, 1 public art workshop, an online community opinion survey, an assessment of facilities and programs, and a comparison study of regional cities. Phase three included an assessment and analysis of all issues that emerged during the planning process which leg to development of the Plan and its recommendations. City Council Minutes Page 7 of 11 October 21, 2014