pages: CityCouncil/2020-03-03.pdf, 23
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CityCouncil | 2020-03-03 | 23 | down payment to PERS for unfunded liabilities, additional discretionary payments, and 25% paid to the 115 Trust. In response to Councilmember Oddie's inquiry, the Finance Director stated the payment is a stabilization cash flow security. Expressed support for the Sustainability and Resilience Manager position; discussed climate issues underpinning every City action: Christy Cannon, Community Action for a Sustainable Alameda (CASA). Stated funding a climate position is very important to bridge silos between departments: Ruth Abbe, CASA. Expressed support for the Resilience Manager position; discussed qualifications: Ingrid Ballmann, CASA. In response to Councilmember Oddie's inquiry, the Finance Director stated the only number being requested to appropriate are not associated with the numbers listed on Slide 12; Slide 13 shows actual cash deposited with PERS and PARS as of January; money has not yet been sent to the agencies. Councilmember Oddie inquired whether the $37 million set aside since inception will be increased by $7.4 million, which some other number could change. The Finance Director responded in the affirmative; stated the appropriation before Council is $7.3 million; noted a contribution is not likely to occur until the mid-cycle revisions to the policy; stated a potentially additional $5.3 million is estimated, but the actual number is yet to be known. Mayor Ezzy Ashcraft inquired whether the City's payments are based on the PERS projected return on investments; stated the stock market has been difficult for the last couple weeks due to the impacts of Coronavirus; inquired the expected calculated payments. The City Manager stated staff has met with a financial consultant who is reviewing the City's policy and will report before study sessions; there will be more time in May to respond specifically; there is a 20-year discount rate to address increases and downturns; there is a lot of volatility now; the consultant will be able to answer more questions regarding the impact of future liability. The Finance Director stated PERS valuations are always 2 years behind; should PERS happen to finish the fiscal year with a negative return or something lower than 7%, the City will not realize an additional liability until 2 years from now; the liability can be planned for; the City Manager is looking into a variety of ways to mitigate any future or existing unfunded liabilities. Regular Meeting Alameda City Council 20 March 3, 2020 | CityCouncil/2020-03-03.pdf |