pages: CityCouncil/2015-12-15.pdf, 2
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CityCouncil | 2015-12-15 | 2 | 536 (*15-731) Recommendation to Accept and File the Community Facilities District No. 13- 1 (Alameda Landing Public Improvements) Report for Fiscal Year Ending June 30, 2015 and the Community Facilities District No. 13-2 (Alameda Landing Municipal Services District) Report for Fiscal Year End June 30, 2015. Accepted. (15-732) Recommendation to Amend the General Fund Fiscal Year 2015-16 Budget by Appropriating $3,000,000 from the General Fund Committed Fund Balance to Pay for the City's Other Post-Employment Benefits (OPEB) Obligation as Stated in the Safety Bargaining Groups Memoranda of Understanding. Mayor Spencer requested clarification about what the Council us being asked to do in appropriating funds from the General Fund committed fund balance. The Finance Director responded the funds were previously set aside; stated staff is now requesting authorization to appropriate the $3,000,000. Vice Mayor Matarrese inquired when the funds would be deposited into the interest bearing account. The Finance Director responded January 2016. Vice Mayor Matarrese inquired whether the funds would start accruing interest at said time, to which the Finance Director responded in the affirmative. Mayor Spencer inquired whether the trust is a 5i trust, to which the Finance Director responded in the negative; stated 5i is a different type of trust; no City contributions are going into the 5i trust; the 5i is strictly contributions from employees. Mayor Spencer inquired whether the OPEB trust, which the $3,000,000 will go into, would be only City contributions or both members and City contributions. The Finance Director responded the OPEB trust would be a combination and interest would be earned on the total. Mayor Spencer inquired whether the trust has already been established, to which the Finance Director responded the City will be setting up an account as stipulated in the Memorandums of Understanding (MOUs); the account would not be comingled; the money would be for future retirees. Mayor Spencer inquired whether there is a way to have subaccounts in order to not comingle City contributions and employee contributions. The Finance Director responded the funds are considered City contributions and would not be separate because there would be an additional cost to the employees. Regular Meeting Alameda City Council December 15, 2015 | CityCouncil/2015-12-15.pdf |