pages: CityCouncil/2005-05-17.pdf, 19
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CityCouncil | 2005-05-17 | 19 | Vice Mayor Gilmore inquired whether the actuarial accrued liability is in excess of $70 million for both the closed plans and the on- going retiree benefits. The Finance Director responded in the negative; stated $70 million is for the retiree benefit plan; the actuarial accrued liability for the 1079 and 1082 plans is $31,683,000 as of January 1, 2005. Councilmember Daysog inquired whether the outstanding liabilities are reported to bond underwriters. The Finance Director responded bond underwriters receive the CAFR for three prior years; the liabilities are included in the footnotes. Councilmember Daysog inquired whether the outstanding liabilities would affect the City's bond rating. The Finance Director responded in the affirmative; stated the City is judged on whether or not a plan has been established; pay as you go is one plan. In response to Mayor Johnson's inquiry whether a plan would be brought to Council, the Finance Director stated a report would be brought back shortly after the first draft of the 10-year plan. Councilmember Daysog inquired whether Alameda's liabilities are typical for a city of its size. The Finance Director stated the City's consultant who completed the study could respond. John Bartel, Bartel Associates, stated the City of Alameda's 1079 and 1082 plans are a little unique; most agencies do not have frozen plans; the retiree health care plan is a $70 million unfunded liability with two separate promises : safety and non- safety; the promise to the non-safety group is at the lower quartile of what other agencies promise the promise to the safety group is in line with an upper quartile of what agencies promise. Councilmember Daysog requested a background report on the matter to understand the quartiles and median being used. (05-246) Presentation on the Operating Budget and Capital Improvements for Fiscal Year 2005-06. The Acting City Manager provided a brief report on the budget and provided examples of surrounding cities budget problems. Regular Meeting Alameda City Council 19 May 17, 2005 | CityCouncil/2005-05-17.pdf |