pages: PensionBoard/2015-07-27.pdf, 2
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PensionBoard | 2015-07-27 | 2 | City of Alameda Minutes of the Regular Meeting of the Pension Board - Monday, July 27, 2015 Page 2 Finance Director Adair made the request to the auditors for written confirmation but has not heard back from them yet. She has a verbal confirmation and is awaiting written notice from them. The Mayor inquired if we should wait until we get the written notice. Member Kovacs said that we want to move forward because there is a timing issue. Finance Director Adair said we want to move this issue through because it will be too late if we wait for Board approval at the next meeting in October. As mentioned at the last meeting, the auditors asked if we really need this separate report before the CAFR is produced. City Auditor (elected) Kevin Kearny asked as well. That is why this issue was presented at the April meeting in order to stop the separate report, since it is already presented in the CAFR. Samples of the reports requested at the last meeting were attached to the agenda for this meeting, and consist of the separate report currently done by auditors with the same information as presented in the CAFR. Also attached were the Ordinances (1079 and 1082). Finance Director Adair first presented the excerpts from the CAFR that shows the Pension funds as of fiscal year ended June 30, 2014, and explained that this is the report to the City Council which includes the Pension Funds Reports and shows cash and benefits. It also shows the income statement: what was contributed to the General Fund and deductions, and how much was paid out to Pensioners for their pension pay and contractual costs. Besides the actual dollars, this report also provides some additional information about the Police and Fire pension plans with the special notes in the financial statements. Finance Director Adair then presented the separate report proposed for elimination, "City of Alameda, California, Police and Fire Retirement System Pension Plans 1079 and 1082, Basic Financial Statements, for the Years Ended June 30, 2014 and June 30, 2013". Finance Director Adair explained that generally all the information is the same in this report as in the CAFR, except the auditors issue a separate opinion on the Pension Plan that takes a little more work for them to do. The items that are not included in the CAFR are demographic. Also the report includes 10 years of statistical tables that are provided by the Finance Department. If this information of statistical information was needed from previous years, staff could provide them upon request. Finance Director Adair further explained that there is a requirement in the Ordinances for financial information to be reported, but from what she has read in both the 1079 and 1082 Ordinances, a separate audited report is not required. Therefore, staff is recommending not to have this stand-alone report, because that information is already provided in the CAFR to City Council, and the Pension Board will continue to receive the quarterly reports. She added that this is not an effective way to spend City dollars. Finance Director Adair stated that she has a verbal confirmation from the auditors and she is not concerned that there are any issues particularly since they brought this to our attention. | PensionBoard/2015-07-27.pdf |