pages: CityCouncil/2017-11-07.pdf, 32
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2017-11-07 | 32 | debt process. Councilmember Matarrese stated that he would like to follow staff's recommendation. Vice Mayor Vella expressed concern with the $2 million going into PARS because the $2 million is not going into a Section 115 Trust. The Finance Director stated the Section 115 Trust and PARS is one in the same. Vice Mayor Vella inquired whether the $2 million is going towards the retirement and not towards the OPEB, to which the Finance Director responded in the affirmative; stated the City is contributing $3 million to OPEB and contributions are done biweekly through payroll. In response to Vice Mayor Vella's inquiry regarding the total amount going into OPEB, the Finance Director stated $10.7 million in the OPEB account. Vice Mayor Vella stated that she would support the recommendation provided there is something that ensures the City is continuing the obligations relative to the OPEB contribution; inquired where the $2 million is in the current budget. The City Manager responded the $2 million would added to the budget going forward. Vice Mayor Vella stated the City is in the middle of a two year budget cycle. The City Manager responded that Council has a choice to add the $2 million to the 2018-19 budget at mid-cycle or with the biannual 2020-22 budget. Vice Mayor Vella inquired where the $2 million is going to come from in the current budget; stated that she would prefer the 50/50 hybrid; she would like to discuss the matter further at budget time. Mayor Spencer stated that she would like to bifurcate the two requests. Councilmember Ezzy Ashcraft stated that she agrees with the City Treasurer and the Finance Director. Mayor Spencer moved approval of the first recommendation [$6 million pay down]. Councilmember Matarrese seconded the motion, which carried by unanimous vote - 5. Councilmember Matarrese moved approval of the second recommendation [$2 million on going pay down]. Councilmember Ezzy Ashcraft seconded the motion. Regular Meeting Alameda City Council 32 November 7, 2017 | CityCouncil/2017-11-07.pdf |