Laserfiche WebLink
<br />Mr. Brozosky asked about retiree medical costs and transfer of PERS funds. He asked <br />if it was time for another actuarial, especially due to health care costs. <br /> <br />Mr. Fialho stated an actuary was developed in 2004 and that the Finance Director would <br />conduct an actuarial in the next two-year budget cycle. <br /> <br />Mr. Brozosky stated most cities do not fund the retiree medical. We may need to do <br />something different in the future but this did not need to be addressed at the mid-term. <br /> <br />Mr. Thorne stated that the report was well presented; he asked for an explanation about <br />the 25% and 75% use tax. <br /> <br />Mr. Culver stated that California cities used to get the full $.01 from the County; the <br />County later chose to sell deficit reduction bonds and needed a way to pay them back. The <br />County has a plan to be paid back within the next 9-11 years. Cities now receive $.0025. <br /> <br />Mr. Thorne asked for the definition of a public safety sales tax. <br /> <br />Mr. Culver explained these are the funds from Prop 172, but they represent a very <br />modest amount. The counties receive most of the funds. <br /> <br />Mr. Thorne asked when expenditures are finished in 2006, what will the reserves be? Is <br />it the $19.2 million as stated in the report? <br /> <br />Mr. Culver concurred and outlined the fund levels. <br /> <br />Ms. McGovern asked about retiree medical benefits; are we below what had been <br />predicted in 2004? She also asked when the next actuarial is completed, will we need to <br />increase the amount? <br /> <br />Mr. Fialho stated that the City will need to pay the difference between the prorated and <br />the new actuarial amount. The City is now obligated to state annually our liabilities. <br /> <br />Ms. McGovern asked how often the actuarial is conducted. <br /> <br />Mr. Fialho stated that actuarials are conducted every 2-3 years on average. The City <br />would attempt to follow the model of how PERS reports its actuarials. <br /> <br />Ms. McGovern asked about the additional golf course revenue and if it would go back to <br />pay for the debt obligation. <br /> <br />Mr. Culver said yes. <br /> <br />Steve Bocian, Assistant City Manager, presented the staff report on the mid-term CIP. <br /> <br />Mr. Brozosky asked about the Wayside Park design and when it would come to the City <br />Council to go out to bid. <br /> <br />Mr. Fialho stated the design would probably be presented to Council in the Fall. <br /> <br />Pleasanton City Council <br />Minutes <br /> <br />5 <br /> <br />06120/06 <br />