pages: CityCouncil/2008-10-21.pdf, 7
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2008-10-21 | 7 | highly rated securities with very limited maturity; the Public Employee Retirement System (PERS) has a program that cities can use to set up irrevocable trusts to fund OPEB benefits. Vice Mayor Tam inquired whether the City would need to contribute more if the return is not 7.75%. Mr. Kennedy responded figures should not deviate very much unless staff levels significantly change or there is an unusual employee turnover. Mayor Johnson inquired what is the Fiscal Sustainability Committee's recommendation, to which Mr. Kennedy responded a straight thirty-year amortized schedule. Councilmember Matarrese inquired whether outstanding loans from Alameda Power and Telecom (AP&T) and Alameda Reuse and Redevelopment Authority (ARRA) are returning approximately 6% interest each. The Development Services Manager responded ARRA is paying interest only to the General Fund; stated the principle would not retire; AP&T is not paying anything on its obligation. Councilmember Matarrese inquired whether lease revenues are pumped into the General Fund as an interest only payment. The Development Services Manager responded a payment of $130,000 is made, which is 6% in interest. Councilmember Matarrese stated the interest comes from lease payments lease revenue is to go into infrastructure and maintenance at the former Base, but is going into the General Fund. Mayor Johnson stated Council needs to decide whether revenue should come to the General Fund or go into crumbling infrastructure that the City does not own. Vice Mayor Tam inquired whether redevelopment funds would be protected from State raiding if revenues were put into the General Fund. The Development Services Director responded lease revenue funding does not have anything to do with tax increment received from the State; stated the law states that a city's General Fund can make the payment; ARRA is scheduled to make principle payments this fiscal year. Regular Meeting 7 Alameda City Council October 21, 2008 | CityCouncil/2008-10-21.pdf |