pages: CityCouncil/2005-05-17.pdf, 18
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CityCouncil | 2005-05-17 | 18 | Councilmember Daysog inquired whether the reports attempt to make the information more transparent and look at future liabilities, to which the Finance Director responded in the affirmative. Councilmember deHaan inquired whether the City would develop a plan, to which the Finance Director responded in the affirmative. Mayor Johnson inquired whether the 10-year plan being formulated would include the liabilities. The Finance Director responded in the affirmative; stated how the City funds the liability needs to be determined. Councilmember Matarrese inquired whether the two plans are limited and new employees are not being added. The Finance Director responded the 1079 and 1082 plans are closed the other post employment benefits are for employees who have or will retire under the current agreements in place. Councilmember Daysog stated the City is making plans and examining liabilities other cities, such as San Diego, raided funds that should have gone toward liabilities and are almost bankrupt ; inquired whether the reports are related to said case. The Finance Director responded the rule was in place and had not been implemented; the San Diego crisis just occurred at the same time. Mayor Johnson stated the actuarials, along with the 10-year plan, are very important i the City needs to consider current obligations in evaluating economic decisions in the future. The Acting City Manager stated the point in evaluating the liability and establishing a plan is to ensure the City does not end up like San Diego in the future; the City should start mitigation and establish a plan. louncilmember deHaan inquired whether the costs appear under the retirees' names on the monthly expenditures check register [bills for ratification], to which the Finance Director responded affirmative. Councilmember deHaan inquired whether one plan is $68,000 and the other is $37,000 per month, the Finance Director responded that she could review and confirm the figures. Regular Meeting Alameda City Council 18 May 17, 2005 | CityCouncil/2005-05-17.pdf |