pages: CityCouncil/2009-02-07.pdf, 26
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CityCouncil | 2009-02-07 | 26 | The Supervising Accountant responded two bases are used for the calculations : the actual pay out for workers' compensation claims and the department payroll. The City Treasurer inquired how much the department payroll is bumped up. The Interim Finance Director responded around 3 to 5% the exact number would be provided. The City Treasurer stated approximately $4 million could be needed in the next fiscal year. Mayor Johnson stated using present value [for equipment replacement ] does not make sense. The Interim Finance Director stated the model could be run using future value. The City Treasurer stated workers' compensation costs should be assigned to the source. In response to Vice Mayor deHaan's inquiry regarding the $4 million, the City Treasurer reviewed how he came up with his estimate. The City Manager concluded the discussion. * * * Mayor Johnson called a recess at 3:35 p.m. and reconvened the meeting at 3:50 p.m. *** (09-065) Consider various financing and pre-funding options for Other Public Employee Benefit (OPEB) The City Manager gave a brief presentation. Mayor Johnson requested staff to provide a breakdown of the amount owed; stated the Council received a report that the range was from $70 million to $140 million; inquired whether there is no longer a range and the amount is $75 million. The Interim Finance Director responded the amount required to be funded is the net present value of the unfunded liability, which is $75.6 million; stated the breakdown is: $34. 1 million for police, $34.2 million for fire, and $7.5 million for all others. Special Meeting Alameda City Council 26 February 7, 2009 | CityCouncil/2009-02-07.pdf |