pages: CityCouncil/2005-05-17.pdf, 17
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CityCouncil | 2005-05-17 | 17 | Counci lmember Matarrese agreed to amend the motion accordingly. Councilmember deHaan seconded the motion, which carried by unanimous voice vote - 5. (05-244) Recommendation to develop two separate voluntary seismic retrofit programs. Ken Gutleben, Alameda, thanked City staff for making long overdue recommendations stated the program will lay down the foundation for developing a safer community; Victorians are extremely vulnerable to seismic activity; obtaining permits to retrofit Victorians is difficult due to strict design review laws. Councilmember deHaan stated Victorian homes often have brick foundations, are not bolted and do not have any kind of earthquake bracing. Councilmember deHaan moved approval of the staff recommendation. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. (05-245) Recommendation to accept Report on results of Actuarial Valuations of the Police and Fire Retirement 1079 and 1082 Plans and the Retiree Health Care Plan. The Finance Director gave a brief review of the reports. Councilmember Daysog inquired whether the new Governmental Accounting Standards Board (GASB) rules are different and how the City proceeded in the past. The Finance Director stated the current rule requires a valuation of the 1079 and 1082 plans once each three years; a roll forward letter is completed and there is a footnote in the City's Comprehensive Annual Financial Report (CAFR) in between years; there is not a lot to report since the City funds on a pay as you go basis; there will be a new rule pertaining to other post employment benefits in 2007; the actuarial was completed to look ahead and determine the value of the Retiree Health Care Plan benefits in the future; the new GASB rules require a lot of the data to be reported; the reporting for the Retiree Health Care Plan will become almost as extensive as the reporting for the 1079 and 1082 plans; additionally, the City will have to decide whether to fund pay as you go or find a way to fund the entire plan, which needs further review. Regular Meeting Alameda City Council 17 May 17, 2005 | CityCouncil/2005-05-17.pdf |