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MOTION: It was m/s by Pentin/Olson to waive full reading and adopt Resolution No. 15-778 revising <br /> the Economic Vitality Committee meeting schedule and appointment of committee members, with the <br /> latter pending ratification by the City Council. Motion passed by the following vote: <br /> AYES: Councilmembers Brown, Narum, Olson, Pentin, Mayor Thorne <br /> NOES: None <br /> ABSENT: None <br /> MATTERS INITIATED <br /> COUNCIL REPORTS <br /> Mayor Thome reported attending a recent League of California Cities meeting at which he was able to <br /> sit in on part of the presentation given by the Executive Director and Financial Director of CaIPERS. He <br /> explained that CaIPERS is considering reducing the risk of its portfolio which would require lowering the <br /> current 7.5% discount rate. Rumor is that they may even consider lowering it to 6.5% which would <br /> create a lot of additional cost for member cities but may be necessary for the system to be able to <br /> sustain itself. CaIPERS reported a ratio of 2 active employees for every 1 retired person in 2002. In <br /> 2012 that number lowered to 1.5 active employees and is expected to dip below 1 by 2020. He also <br /> reported on a new privately backed ballot initiative to eliminate defined benefits programs for new hires, <br /> which he felt would likely pass if placed on the ballot. He also reported that the California <br /> Transportation Commission was in attendance and discussed new vehicle technology and maintenance <br /> funding for the state's major highway systems. <br /> Vice Mayor Brown stated that she and Councilmember Pentin sit on the Wheels Bus Board of <br /> Directors, will be reviewing the comprehensive analysis and welcome thoughts and comments from <br /> both the Council and public. <br /> ADJOURNMENT <br /> There being no further business, the meeting was adjourned at 9:53 p.m. The Council extended a <br /> tribute to our nation's men and women serving in the military. We wish to honor the memories of those <br /> who have died in past wars in defense of our country, including those who have died in the current <br /> conflicts in Iraq and Afghanistan. <br /> Respectfully su'miffed, <br /> / <br /> e •i- <br /> City lerk d <br /> City Council Minutes Page 17 of 17 July 21,2015 <br />