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Mr. Bartel explained that CALPERS uses advisors to make long term predictions on rates and benefit payments and noted that the next decade, CALPERS expects investment returns to return to normal, at an estimated 8%. Mayor Thorne inquired as to the consultant's position on the discount rate. Mr. Bartel noted that their projections are close to the 6.1%, which falls between CALPERS staff and CALPERS Board estimates. Hel also noted that flexibility is gone once money is given to CALPERS and suggested the advantages to setting money aside. Mr. Bartel continued the presentation by explaining CALPERS changes with regards to risk pool changes, risk mitigation strategy, discount rate used as of actuarial valuation date, summary of demographic information and plan funded status. Councilmember Narum inquired as to the market asset value in the years 2015-2016. Mr. Bartel noted the market value during the 2016 period was down and can be affected due to retiree's. Mr. Bartel continued the presentation by explaining the funded ratio, funded status, discount rate reduced from 7.5% to 7% over 3 years, summary of demographic information, funded status and contribution rates and projections for police safety; summary of demographic information, funded status and contribution rates and projections for fire safety. He continued the presentation by presenting information related to paying down the unfunded liability and rate stabilization, where the money comes from and irrevocable supplemental pension trust. MOTION: It was m/s by Brown/Narum to refer this item back to the Finance/Audit Committee to discuss and evaluate the options which include to pay unfunded liabilities or set up a trust and to assign Councilmember Narum in lieu of Councilmember Brown to the Finance/Audit Committee to discuss and evaluate this item to bring back to Council. Motion passed by the following vote: Ayes: Councilmembers Brown, Narum, Olson, Pentin, Mayor Thorne Noes: None Absent: None Mayor Thorne recessed the meeting for a five minute break. The meeting reconvened with all Councilmembers present. 17. Project status report and discussion of options for the Downtown Specific Plan Update Sr. Planner Shweta Bonn presented the details on the report including the project background, streetscape options for Division Street, streetscape options for Main Street, Civic Center site, November 28 Task Force Meeting summary, revised Civic Center plan, feasibility of options, active ground floor uses on Main Street, community benefits and building height and next steps. Mayor Thorne reiterated that this specific plan is a vision and not something that will happen immediately. Director of Community Development Gerry Beaudin addressed the downtown parking plan and pedestrian connections. City Council Minutes Page 5 of 7 December 19,2017