pages: CityCouncil/2017-06-06.pdf, 30
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CityCouncil | 2017-06-06 | 30 | The Finance Director responded in the negative; stated $11.3 million is a combination of OBEP and pension funds. Councilmember/Commissioner Oddie inquired whether the projected ending balance for the OPEB trust comes from on the All Funds Budget Summary Fund Balance on page B-5. The Finance Director responded $7.2 million is the projected number; additional contributions are expected. Councilmember/Commissioner Oddie inquired about the difference between $7.2 million to $11.373. The Finance Director responded the difference is from an Internal Service Fund. Councilmember/Commissioner Oddie stated the City will have over $20.4 million in the fund where there was previously $300,000 two and a half years ago; the City is being fiscally conservative; praised City staff. Mayor/Chair Spencer inquired what dollar amounts will be transferred into the OPEB and PARS trust accounts. The Finance Director responded $11, ,143,000, not including the contractual obligation of $250,000. Mayor/Chair Spencer inquired how much is being spent from the reserves. The Finance Director responded $6,043,000 comes from reserves previously authorized by Council in 2015; $5.1 million is based on direction from the workshop that was held in May. Councilmember/Commissioner Matarrese stated that he likes the idea of a mid-term review to see how the City is tracking progress; he also likes that the projections are conservative. Councilmember/Commissioner Ezzy Ashcraft stated with good discipline and grant funding the purchase of the parcels from Union Pacific should be possible. Councilmember/Commissioner Matarrese requested a projection of the effect of the City's and employees contributions over time to lower the OPEB liability; stated reviewing where the City stands with and without the contributions would be worthwhile; Council and the public would benefit from a graphic showing how actuals are tracking against projections. The City Manager stated the initial analysis from the CalPers financial expert addressed Special Joint Meeting Alameda City Council and Successor Agency 4 to the Community Improvement Commission June 6, 2017 | CityCouncil/2017-06-06.pdf |