CCMIN02042020 - Laserfiche WebLink

Finance Director Olson reported on Pension Liabilities which has remained the same from the prior fiscal year. She reported OPEB is down 1%. She reported this is the second year LPFD will issue separate audited financial statements and the pension and OPEB liability is included in LPFD's balance sheet. In response to Councilmember Brown's inquiry, Finance Director Olson noted the median home price reported is a snapshot in time as of June 30, 2019, and fluctuates quite a bit during the year. In response to Councilmember Testa's inquiry, Finance Director Olson reported the policy guideline will be presented at the February 18, 2020 City Council meeting. She also clarified, in regards to the CAFR, the Pension Liability line is referring to the miscellaneous and Police employees. She explained the OPEB Liability includes the retiring medical liability associated with miscellaneous employees and Police and explained the LPFD Net Liability is both the LPFD Pension Liability and the OPEB Liability. Lastly, she explained $210.8 million is the total amount of the Unfunded Liability. Councilmember Narum noted the most significant takeaway is that the spendable assets exceed the liabilities of the City and speaks well to the City's good conservative fiscal management. She congratulated the team for receiving a clean opinion from the auditor and for the certification from the GFOA. MOTION: It was m/s by Narum/Testa to accept the Comprehensive Annual Financial Report (CAFR) and other related audits for the year ending June 30, 2019. Motion passed by the following vote: Ayes: Councilmembers Brown, Narum, Pentin, Testa, Mayor Thorne Noes: None Absent: None MATTERS INITIATED BY COUNCIL - None COUNCIL REPORTS Mayor Thorne reported on the Mayor's Conference in D.C. and said he would distribute a summary. Councilmember Testa reported on the defeat of SB 50. Councilmember Narum reported her meeting in Sacramento with state legislators. Councilmember Pentin reported on Stopwaste's beta test of a food ware ordinance and the installation of new bus shelters ADJOURNMENT There being no further business, the meeting was adjourned at 9:37 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, Afghanistan and Syria. Respectfully s bmitted, en iaz City Cle k City Council Minutes Page 9 of 9 February 4,2020