12-08-2004 Council Workshop Minutes

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MINUTES OF THE WORKSHOP MEETING CITY COUNCIL LITTLE CANADA, MINNESOTA DECEMBER 8, 2004 Pursuant to due call and notice thereof a workshop meeting of the City Council of Little Canada, Minnesota was convened on the 8th day of December, 2004 in the Council Chambers of the City Center located at 515 Little Canada Road in said City. Mayor Michael I. Fahey called the meeting to order at 6:00 p.m. and the following members of the City Council were present at roll call: CITY COUNCIL Mayor Council Member Council Member Council Member Council Member Mr. Michael I. Fahey Mr. Bill Blesener Mr. Jim LaValle Mr. Rick Montour Ms. Barbara Allan ALSO PRESENT: City Administrator Fire Chief Fire Dept. Fire Dept. Fire Dept. Fire Dept. Accounting Supvr. Mr. Joel R. Hanson Mr. Jim Morelan Mr. Jim Gustafson Mr. Gar Johnson Mr. Joe Vitale Mr. Jeff DeBace Ms. Shelly Rueckert The purpose of tonight's workshop meeting is to conduct ajoint workshop with the Little Canada Fire Relief Association relative to pension investment issues and City funding obligations. The City Administrator presented a detailed packet of information analyzing the issues at hand. He began by recognizing and confirming the value the fire fighters provide to the citizens of Little Canada. The Administrator noted that the concern for the City is controlling its contribution to the Fire Relief Association so that there are not large, unanticipated impacts to the City levy. The decision for the City Council is that level of contribution. The Administrator reviewed in detail LCFR 2004 Form SC04 (formerly known as Schedules I and II). In reviewing the pension liability calculation, it was noted that the normal cost is $98,000 for 2005. That is the annual revenue needed to sustain the current benefit level. He also noted that the ending net asset balance as of December 31, 2004 is projected at $1,215,360. The projected deficit as of December 31, 2004 is $33,037.