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AYES: Councilmembers Brown, Narum, Olson, Pentin, Mayor Thorne NOES: None ABSENT: None MATTERS INITIATED COUNCIL REPORTS Mayor Thome reported attending a recent League of California Cities meeting at which he was able to sit in on part of the presentation given by the Executive Director and Financial Director of CaIPERS. He explained that CaIPERS is considering reducing the risk of its portfolio which would require lowering the current 7.5% discount rate. Rumor is that they may even consider lowering it to 6.5% which would create a lot of additional cost for member cities but may be necessary for the system to be able to sustain itself. CaIPERS reported a ratio of 2 active employees for every 1 retired person in 2002. In 2012 that number lowered to 1.5 active employees and is expected to dip below 1 by 2020. He also reported on a new privately backed ballot initiative to eliminate defined benefits programs for new hires, which he felt would likely pass if placed on the ballot. He also reported that the California Transportation Commission was in attendance and discussed new vehicle technology and maintenance funding for the state's major highway systems. Vice Mayor Brown stated that she and Councilmember Pentin sit on the Wheels Bus Board of Directors, will be reviewing the comprehensive analysis and welcome thoughts and comments from both the Council and public. ADJOURNMENT There being no further business, the meeting was adjourned at 9:53 p.m. The Council extended a tribute to our nation's men and women serving in the military. We wish to honor the memories of those who have died in past wars in defense of our country, including those who have died in the current conflicts in Iraq and Afghanistan. Respectfully submitted, Karen Diaz City Clerk City Council Minutes Page 17 of 17 July 21, 2015