pages: CityCouncil/2015-09-15.pdf, 21
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CityCouncil | 2015-09-15 | 21 | Vice Mayor Matarrese stated the mid-cycle budget review is a more appropriate time to review the topic. Mayor Spencer stated she would like the matter come back for Council review. Vice Mayor Matarrese moved approval of the recommendation with the understanding that benefits for part-time employees would be discussed at the mid-year budget cycle. Councilmember Ezzy Ashcraft seconded the motion which carried by a unanimous voice vote - 5. Economic Uncertainty/Contingency: Vice Mayor Matarrese moved approval of the balance [$3,460,500] of the contingency. Councilmember Ezzy Ashcraft seconded the motion which carried by a unanimous voice vote - 5. PERS smoothing/OPEB for existing retirees: Vice Mayor Matarrese requested a detailed report on whether the funds will be held in an account with the rest of the General Fund, untouched by policy and unable to get a return on the investment, or be treated as an irrevocable trust so it can be invested and provide a revenue stream. In response to Councilmember Oddie's inquiry, the Interim City Manager stated $5 million set aside last year in the contingency fund was used for contributions in the negotiations for public safety. Councilmember Daysog stated his hope in dealing with PERS smoothing combined with OPEB, is that the 1079 and 1082 pension accounts be evaluated; as they get drawn down, the savings generated could be redirected to pay for the trust. Councilmember Ezzy Ashcraft suggested Council vote in principle to support the $6 million appropriation to the two funds to include the request articulated by Vice Mayor Matarrese to bring recommendations back to Council on how the funds will be deposited, invested, and get a sense of the earnings. Mayor Spencer stated she would not support the suggestion. Vice Mayor Matarrese moved approval of setting aside $6 million for PERS and OPEB, with a staff report back to Council with recommendations on how to best allocate the $6 million. Councilmember Ezzy Ashcraft seconded the motion which carried by the following voice vote: Ayes: Councilmembers Ezzy Ashcraft, Daysog Matarrese, and Oddie - 4. Noes: Regular Meeting Alameda City Council 20 September 19, 2015 | CityCouncil/2015-09-15.pdf |