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Finance Highlights 2015 0721
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Finance Highlights 2015 0721
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CM City Clerk-City Council - Document Type
Committee Highlights
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7/21/2015
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_CC Agenda 2015 0921 CS+RG
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File Number: 15-490 <br />Fuentes, Budget & Compliance Manager Mary Ann Perini <br />1.B.Announcements <br />None. <br />2.DISCUSSION ITEMS <br />2.A.Discussion Regarding Request for Unfunded Liabilities Policy Direction <br />Report prepared by City Manager Chris Zapata and Finance Director David Baum regarding <br />the City’s Unfunded Liabilities, indicating the importance of gaining control over the growing <br />debt and what plans of action and suggestions will be required to take to Council for <br />recommended goals in September. The City Council has taken the following steps to lower <br />the Unfunded Liabilities: <br />·Employee labor contracts which require all employees to pay 100% of the “employer <br />paid member contribution” (EPMC), which is determined by CalPERS to fund employee <br />pension costs. The EPMC, which equals 7-9% of employees’ salaries, was previously <br />paid by the City and now will be paid by the employees. <br />·100% Annual Required Contributions (ARC) in 2014, 2015, and 2016 <br />·In addition to contributing 100% ARC, San Leandro also added $350,000 to the budget <br />in order to gain some control on the Unfunded Liabilities <br />The Committee discussed the following: <br />·Financial language to require payment of 100% of Annual Required Contributions <br />(ARC) <br />·Financial policy to utilize up to 50% of fiscal year carryover for Prioritization Unfunded <br />Liability Liquidation (PULL) Plan <br />·Financial policy to utilize up to 50% of General Fund land sales for PULL Plan <br />·Review of lowering Council savings in emergency contingency fund from 20% to <br />16.67%, and apply excess funds to the Unfunded Liability debt <br />·Create a separate trust fund specifically for the PULL Plan so funds do not get used in <br />ways other than paying down the Unfunded Liabilities debt <br />·Provide annual report to Council and Measure HH Committee on PULL Plan progress <br />The Committee recommends: Finance Committee to review and adopt a PULL Plan with a 5 <br />year goal of $5,000,000. In addition, the Committee should recommend Council adopt the <br />above financial policy to assist in meeting the PULL Plan goal of $5,000,000 as failure to act <br />will have the impact of a growing unfunded liability, which will result in less funding available <br />for projects, programs and services. <br />COMMITTEE RECOMMENDATION: The Committee recommends City Council discussion on <br />Prioritization Unfunded Liability Liquidation (PULL) Plan. <br />2.B.Staff Update <br />2.C.Discussion Regarding Future Agenda Items <br />Page 2 City of San Leandro Printed on 9/15/2015
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