HomeMy WebLinkAbout2018-09-18 Finance Committee Action Minutes
Special Meeting
September 18, 2018
Chairperson Scharff called the meeting to order at 6:11 P.M. in the Community Meeting Room, 250 Hamilton Avenue, Palo Alto, California.
Present: Filseth, Kou, Scharff, Tanaka
Absent:
Agenda Items
1. Discuss and Confirm the Workplan to Address the City Council Fiscal Year 2019 Adopted Budget Referral to Identify $4 Million in General Fund Savings.
MOTION: Chair Scharff moved, seconded by Vice Mayor Filseth to recommend to the City Council to:
Direct Staff, when they develop the next budget, to include the full normal cost in the budget assuming an equivalent of 6.2% discount rate with these funds transferred to the 115 Trust
Fund;
Direct Staff to return with a Long Range Strategic Plan according to staff’s recommended plan; and
Direct Staff to return in November, 2018 with suggestions on ways to save money and find $4 million in balancing actions that are not detrimental to the organization and including what
it would look like if we took the remaining gap out of the Budget Stabilization Reserve.
MOTION PASSED: 3-1 Tanaka no
2. Accept California Public Employees’ Retirement System (CalPERS) Pension Annual Valuation Reports as of June 30, 2017 and Review and Confirm Pension Funding and Reporting Policy Guidelines.
MOTION: Vice Mayor Filseth moved, seconded by Chair Scharff to recommend to the City Council to:
Accept the June 30, 2017 CalPERS Annual Valuation Reports for the Miscellaneous and Safety Pension Plans; and
Direct Staff to research and develop potential Pension Funding and Reporting Policies, and return to the Finance Committee with specific recommendations.
AMENDMENT: Council Member Tanaka moved, seconded by Council Member XXX to explore having the newest employees move toward a defined benefit, such as deferred compensation.
AMENDMENT FAILED DUE TO LACK OF A SECOND
MOTION PASSED: 4-0
ADJOURNMENT: Meeting was adjourned at 8:30 P.M.
ACTION MINUTES
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Sp. Finance Committee Meeting
Action Minutes 09/18/18
FINANCE COMMITTEE
ACTION MINUTES
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