pages: CityCouncil/2017-11-07.pdf, 29
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CityCouncil | 2017-11-07 | 29 | The City Manager made brief comments. Mike Meyer and Craig Hill, NHA Advisors, reviewed the recommendation in the Power Point. Mayor Spencer inquired whether surplus means reserves. The City Manager responded the $2 million is a budget line item. Mayor Spencer inquired whether the $2 million being a budget line item means the $2 million will not end up in reserves but will be spent. The City Manager responded in the affirmative. Councilmember Ezzy Ashcraft inquired whether the City is reducing the cost, to which the City Manager responded in the affirmative; stated over time, there is a significant savings from not having to pay CalPERS. Mr. Meyer stated over 15 years, close to $60 million will be saved. Vice Mayor Vella inquired what will happen in the event of an economic downturn and there is not $2 million in reserves; will there be layoffs. The City Manager responded there is a mid-cycle and mid-year review of the budget; stated the Council could decide whether or not to include the $2 million in every budget. Vice Mayor Vella inquired if the ask will occur with each budget cycle or is there a proposal to draft a resolution to make the decision now. The City Manager responded the goal is to include the amount in the budget for Council consideration. Vice Mayor Vella inquired whether the recommendation would be made if there is a surplus. The City Manager responded in the affirmative; stated prepaying saves twice as much long term. Vice Mayor Vella stated $8 million is going to retiree costs, which are $265 million; there is $100 million in Other Post-Employment Benefits (OPEB); she understood the trust was created to deal with both OPEB and retiree costs. Mr. Meyer responded in the affirmative; stated the $8 million is dedicated to pension costs. Councilmember Oddie inquired why the City decided not to put anything into OPEB. Regular Meeting Alameda City Council November 7, 2017 | CityCouncil/2017-11-07.pdf |