HomeMy WebLinkAboutMinutes - Finance Committee - 06/09/2008 -r C-
Minutes
06/09/08
11:00 12:00
Council Members:Doug Hutchinson,Ben Manvel,Kelly Ohlson
City Staff:Darin Atteberry,Mike Freeman,Chuck Seest,Heather Shepherd,Kraig
Ecton,Jim O’NieLL,Amy Sharkey,Wendy Williams,Steve Engemoen
Guests:Pat Kahle,Milliman
Approval of the minutes from the April 2Pt Meeting.
Ben moved to accept the minutes and Mayor seconded the motion.The motion carried
unanimously.
GERP Actuarial Overview
Pat Kahle from Milliman,the City’s actuary,reviewed the annual actuarial valuation
for the GERP.The City has made tremendous progress in funding the GERP plan.The
plan was 88.6%funded on January 1,2008,which compares to 85.2%funded at the
beginning of 2007.Darin asked where that funding level stood relative to other city
retirement plans and industry comparisons.Pat responded that this was a significant
improvement;however,a closed plan Like the GERP should try to reach greater than
95%funding level before a majority of the plan members retire within the next 7-10
years.
A significant factor in achieving this improvement was the investment performance
being greater than the 7.5%actuariaL rate for each of the past 5 years and the
supplemental contribution of $200,000 that the City has made over the past 2 years
and increased to $400,000 for fiscal years 2008 and 2009.Kelly Ohlson asked what
percentage of that supplemental contribution was from the City’s General Fund.
Chuck replied that 25%of the annual contribution was from the General Fund with the
majority coming from the Utilities since their employees represent the majority of the
active members.Kelly also requested that City staff quantify the positive impact that
the library employees leaving active employment with the City had on the GERP and
report back to the Finance Committee at a future meeting.
Employee Pay
Darn had asked HR to look at some employee pay discrepancies that currently exist.
He supports correcting this but first wanted to discuss it with this committee and
gather their input on this item.
Council Finance Committee
Finance Administration
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P0 Box 580
Fort Collins,Co 80522
970.221.6788
970.221.6782 -fax
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The goal of Human Resources is to get this corrected by the time pay for performance
goes into effect.There are 55 employees who are impacted and the cost to correct
these would be $138 thousand (in Utilities and other non-General Fund departments)
and approximately $38,000 from the General Fund.
Other Business
Monthly Sales Tax Report Kelly said he’d like to see Sales tax,Use tax,and a
combined total YTD shown in this report,both in number and chart format.The
Finance Dept.will bring a draft with suggested changes to discuss at a future meeting.
I-2515H392 Interchange Chuck summarized the information that will,be presented to
City Council on this topic tomorrow night.We plan to show the progress being made
on financing,the planning and transportation elements of the 1601 process.
There are two scenarios one is focused on developer driven funding and one is more
focused on at large tax revenues of Fort Collins and Windsor funding the interchange.
Darin said it’s important for the Town Board and City Council to meet and create a
vision for this interchange and how to shape the profile of the development that
occurs in the vicinity.
Meeting was adjourned at 12:15 p.m.