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MINUTES <br />CITY COUNCIL <br />DECEMBER 8, 2004 <br />of the pension fund and indicated that in order to provide a comfort level <br />for the City Council the Relief Association should make a change in <br />financial advisors. <br />Vitale indicated that this matter should be discussed at the next Relief <br />Association meeting. It was mentioned that City staff would assist in <br />developing an interview process as well as a list of potential advisors. The <br />consensus was to try to complete this selection process as soon as <br />possible, and hopefully by the end of January. <br />The City Administrator also recommended that the Relief Association join <br />Morningstar.com to provide some additional information to be used in <br />evaluating mutual fund investment options. The cost for this service is <br />$199 for two years. <br />Next discussed was the issue of what the appropriate level of City <br />contribution to the Pension Fund should be. It was noted that $15,000 is <br />the current contract amount, while $30,000 has been included in the <br />proposed 2005 Budget for discussion purposes. Fahey asked the Council <br />to consider cone-time $30,000 contribution level to help the Pension <br />Fund. Blesener noted that there might be an issue with Schedules I and II <br />in 2006 given the poor performance of the Pension Fund. <br />The Council was agreeable to the $30,000, one time, contribution level for <br />2005. Council Member LaValle clarified that future contributions will <br />return to the $15,000 level after 2005. It was also the consensus of the <br />Council that there would be no benefit increase this year. That issue may <br />be revisited within the next 6 to 12 months dependent upon the <br />performance of the pension fund. <br />There being no further business, the workshop meeting was adjourned at <br />7:55 p.m. <br />ii (^/ <br />is a l I. Fahey, Mayor <br />Attest: ! ~ ~~ ~ ~n.,n_~_,x, <br />oel !. Hanson, City Administrator <br />