pages: CityCouncil/2009-06-02.pdf, 4
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CityCouncil | 2009-06-02 | 4 | The City Treasurer stated numbers can be updated the Committee used third quarter numbers. Mayor Johnson inquired whether new numbers can be plugged into the model, to which Lorre Zuppan, Committee Member, responded in the affirmative. Mayor Johnson stated having a model that can be updated as situations change is great. The City Treasurer continued the presentation. Mayor Johnson inquired whether the Other Post Employment Benefits (OPEB) liability includes current employees who are vested or all current employees, to which the City Treasurer responded all current employees and retirees. The City Treasurer continued the presentation. Vice Mayor deHaan inquired what is the private sector burn rate. The City Treasurer responded the Committee did not get into comparisons; stated that he assumes private sector costs are lower. Vice Mayor deHaan stated the private sector has lessened the burden because different retirement systems have been adopted over the last ten to fifteen years. The City Treasurer continued the presentation. Mayor Johnson inquired whether the State is pre-funding its OPEB liability. The City Treasurer responded the State's OPEB liability is over $1 billion and is not pre-funded. Mayor Johnson stated the OPEB liability adds another layer of problems onto the State's budget. The City Treasurer stated Medicare is the biggest under funded medical program. Mayor Johnson stated the federal government can adjust Medicare benefits; the State will not have the option of adjusting benefits to meet revenues. The City Treasurer continued with the presentation. Regular Meeting Alameda City Council 4 June 2, 2009 | CityCouncil/2009-06-02.pdf |