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Finance Highlights 2008 0917
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Finance Highlights 2008 0917
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6/5/2019 10:14:42 AM
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10/17/2008 1:24:08 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
9/17/2008
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_CC Agenda 2008 1020
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Account program which allows employees to place pre -taxed dollars into an account to assist <br />with health payments, e.g. prescriptions, eye glasses, contacts, as well as dependant care. The <br />VEBA Trust plan is similar to the 125 Flexible Spending Account however unlike the 125 plan, <br />accumulated assets in a VEBA Trust can be used to make premium payments and unspent <br />monies are not lost at the end of the year. Another benefit is that vacation and sick leave hours <br />may be placed into VEBA Trust. The VEBA Trust does not allow for dependent care, therefore <br />the 125 plan will still be made available to employees as well. <br />VEBA Trust must be voted on by all four bargaining groups and must pass with a 50+ 1 <br />majority, as this is a benefit that will require 100% participation. Each group will vote and <br />detennine whether they would like to participate and will be discussed in negotiations. There is <br />an administration fee for each employee of $4.55, plus $0.50 per month. The idea is to have the <br />plan in effect by January 1, 2009. Wells Fargo Bank will hold onto 30% of the monies for day to <br />day expenses and 70% will be transferred to MetLife for investment. Monies will not be <br />invested in stocks and the return is a guaranteed 3% interest. <br />Currently there are six cities participating in the VEBA Trust plan. The first 10 people, of each <br />city, that join have a seat on the Trust Committee. Typically, the Finance Director is the Primary <br />seat holder and the Human Resources Director is the alternative. <br />Councilmember Grant asked Caire what would be the direct benefits to the City, if any. Caire <br />stated that the benefit would be to the employees as this is a tool to assist with planning for the <br />future. Councilmember Grant also wanted to clarify if the plan was mandatory. Caire stated that <br />it was. <br />At this time, staff is asking for the Committee to approve taking the plan to Council for approval. <br />Committee Recommendation <br />The Finance Committee recommended forwarding to the Council for approval. <br />2. Discussion Regarding Fire Center Operations Complex <br />Hollister introduced to the Committee the Alameda County Fire Department's plan to <br />consolidate their headquarters with divisions of operations. Fire Chief Gilbert stated the <br />Administration has outgrown the space at City Hall and presented a PowerPoint Presentation on <br />the idea and need for consolidation. Gilberts plan is to educate the Committee and ultimately <br />present to Council at the next Work Session. Currently the fire operations are spread throughout <br />the county. The benefit to moving all operations to one complex would be to reduce redundancy <br />and duplication, streamline administrative operations & support, and increase the efficiencies of <br />chief officers, staff, and division functions, and will be able to build a training facility that can <br />meet all requirements. <br />Alameda County Fire has conducted a Request for Proposals and received several submittals. <br />There are two locations that are being considered: 2020 Williams Street, San Leandro; and 6400 <br />Sierra Court, Dublin, CA. At this time, the Dublin location appears to be the most feasible <br />location. The lease is substantially lower, $9M less then the San Leandro location and it <br />accommodates most prescribed functions. <br />2 <br />
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