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Finance Highlights 2008 0729
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Finance Highlights 2008 0729
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8/29/2008 10:13:54 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
7/29/2008
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_CC Agenda 2008 0902
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\City Clerk\City Council\Agenda Packets\2008\Packet 2008 0902
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Mayor Santos inquired about the distribution of funds for the Senior Center and Parking <br />Structure and how contractors are paid. City Manager Jermanis stated that funds will be <br />distributed over a 3-4 year period with contractors billing monthly. Engineering and <br />Transportation will review the billing prior to submitting to Finance for payment. Mayor Santos <br />asked if the City could ask for a set price on a contract with a not to exceed value. Jermanis <br />stated that he will speak with the Uche Udemezue, Engineering & Transportation Department <br />Head, for the Parking Structure project, as the Senior Center bid has already been awarded. <br />The Finance Committee accepted the report. <br />2. Discussion Regarding the Medical Benefit for City Retirees <br />Carter stated that in 2004 the Government Accounting Standard Board (GASB) issued Statement <br />No. 45, Accounting and Financial Reporting by Employers for Post-Employment Benefits Other <br />than Pension. The City must begin to recognize benefit liabilities and disclose on an actuarial <br />basis, or pre-funding, rather than on a "pay as you go basis", which is currently being done. The <br />City will be required to implement the provisions for the fiscal year ending June 30, 2009. The <br />City will be establishing a trust, as required by GASB 45, and appoint a trustee to ensure <br />compliance with applicable laws. The City has reviewed and evaluated services offered by five <br />different providers and have identified both Ca1PERS and the Public Agency Retirement System <br />(PARS) as the two top providers. Staff would like the opportunity to review the two providers to <br />determine which would be best for the City. <br />Councilmember Gregory stated that in the past the City has used $1 million to assist with <br />balancing the budget. Jermanis agreed, however he stated that in the future the City will no <br />longer be able to utilize the money that has been placed in the trust. Human Resources Director <br />Caire noted that the Retirement Benefit is an obligation and GASB 45 states that we must now <br />meet requirements like that of a private business. Councilmember Grant would like to see the <br />criteria that will determine what provider will be selected and why that provider is the best. <br />Mayor Santos stated he would like to see the medical saving account come back to Committee in <br />September: Caire noted that more cities will require employees to participate in voluntary <br />employees' beneficiary association (VEBA) or other similar account. <br />Committee has agreed to provide staff more time in selecting a Trustee for the City's "Retiree <br />Medical" post employment benefit plan as well as authorize the use of funds that have been set <br />aside for the City's retiree medical plan to transition from a "pay as you go basis" to a pre-paid <br />or actuarially determined annual contribution. <br />3. Discussion Regarding Alameda County (ALCO) Fire Department's 2007-08 Fourth <br />Quarter Invoice and Year-End Expenditures Report <br />Fire Chief Gilbert provided an overview of the 2007-08 Fourth Quarter and Year End <br />Expenditures Report. The Fire Department showed that although the Salaries and Benefits were <br />higher than then budgeted amount, there were also savings that would contribute to the end of <br />the year credit of $62,775. The credit will be applied towards the City's 2008-09 first quarter <br />billing. <br />Mayor Santos inquired whether or not ALCO Fire was discussing other post employment <br />benefits. Gilbert indicated that ALCO Fire is working with various agencies addressing the <br />GASB 45 requirement as well. Councilmember Gregory inquired about fuel prices and whether <br />2 <br />
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