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14
City of Pleasanton
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CITY CLERK
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2009
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051909
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5/14/2009 2:48:15 PM
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CITY CLERK
CITY CLERK - TYPE
STAFF REPORTS
DOCUMENT DATE
5/19/2009
DESTRUCT DATE
15 Y
DOCUMENT NO
14
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from both Pleasanton and Livermore to the LPFD fund. Once a trust is established and <br />specific investments are purchased it would be difficult to segregate those investment <br />instruments whether it is a U.S. Treasury note or a federal agency security. As a result, <br />two separate accounts within the trust will be established; one for non -fire employees <br />and one for LPFD and will be reported separately. It is important to note that all LPFD <br />employees are City of Pleasanton employees under the Joint Powers Agreement <br />establishing the consolidated fire department. Historically, both Livermore and <br />Pleasanton have shared in the amount contributed to reserves that have been <br />accumulated on roughly a 50/50 basis <br />Conclusion <br />The recommendations included in this report are consistent with GASB #43 #45 <br />guidelines and will allow the City of Pleasanton to be in compliance with these new <br />accounting standards. Staff will continue the strategy of adjusting medical costs <br />through a two -tier benefit structure as has already been put in place as described in this <br />report. A strategy of further cost containment provisions will be the keystone of the <br />approach to future labor negotiations and will be done as labor contracts expire and <br />further labor negotiations take place. <br />Submitted by: Approved by: <br />David P. Culver <br />Director of Finance <br />A if <br />N elson Fialho <br />City Manager <br />//j,./(_, <br />Attachments: <br />1. Resolution providing for: (1) Adoption of a Trust to fund Post Employment <br />Benefits Other Than Pension Benefits (OPEBs); (2) Appointment of a Trustee for <br />the Trust; and, (3) Approval of Asset Transfer To The Trust and Recommend <br />Trust Document (Exhibit A) <br />2. Investment Policy <br />Page 13 of 13 <br />
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