Laserfiche WebLink
r~zrrurLs <br />cir.y cnur~ci~ <br />Nlay 18, 1982 <br />Piremens Mr. VoCO explained tha~ the reason Rhe lxability could be paid o(P <br />itel'x.ef earlier t.han 1986 would Ue di.ie to interest• eacrixngs. In naalc`~ng the <br />~SSOC7.1tj,0Y1 calculations Mr, Voto used a projecteci interest earni.ngs oi i 3/~s%, <br />(Con~a) T.his is a11 Che ~StaCe allows Por projec~ing interesC eacrGirags, <br />Mr. F[anson asked Mr. Vn~o if he was makixxg any recomrnerzda~~oxis as ~b <br />when the rate levels should be increasc~cl and Co what £igur.e Uas~l on <br />infYataoxd and possible ixicrease in the size of the £ire department s~af`f, <br />Mr., Voto rsplieci ~hat he did not do Chis. He merely det~rmineci to wha~ <br />leael Che benefi.t could be ixicreased based on the $12,500 conCribu~ion <br />on ~he part of' the CiCy. Howev~r, knox's.ng what fiypes of xncreases and <br />how aften Chey would be madc~ would pu~ Che C3ty in a bette:c posi.ta.on <br />to make betCer budget projec~.a.onsa <br />~9r. 13oU DeBace askeci Mr. Voto what ~uidelines he was working und~r in <br />projecting ~he ].iability pay off, Mr., Voto replied ttaat he ~cas wocking <br />under Che Sta~e guidelines. Mr. Aoto aomrnented Chat the S~ate says tha~ <br />any benefit level increase musC Ue fundc-~ct over a 10 y~ar period, <br />rir.. Deilace asked °a.F the bene[iC level were increased to $700 how 7.ong <br />it would ~ake for the liabS.lity to be paid oEt'm Mr. Voto xePlied Chat <br />it would take iintil 1989, Mr. Voto also eqmmented tYiaC a$700 beneizt <br />level wo;ald require a$18,800 contribution on ~he part o£ Che City, so <br />thaC it would be fu~.1y funded in 1989. <br />Mrs. Nardini asked ~r, Voio i.n his breakdown of the li.a.bility payoi:f <br />schedul.e, why the Eigure necessar.y as ~a conCr~.buCion on the parC of' the <br />Citp decreased so drastically. Mr, Voto replied tl~at Chese tiguxes were <br />based on assumpCions that Chose eligibl.e to reCS.ze iai11 .r.eci.rea <br />Mr, 1>ick iloss, I~ire Chief, commcnCed LhaC this year. Che Fi.r.e llap<xrtmen~ <br />has two people who anust rctire. 'Co be eligable £ox reCiremEnL, a person <br />must be 50 years ol,d and have 20 year.s of service z.n. Mx. Boss commenLed <br />that aC budget time Last year the City a.nareased its aon~riUution to <br />$7.2,500 and the Fire L~epartment and the Ci.ty had a gentl.emen~s agr.eement <br />that Chere would be no more incr.eases for two years, atii~. Boss cornmen~ec9 <br />that perhaps th9.s agxeemene wa.11 Yzaae to change, <br />P1rm VoL•o sug~;ested that it be kept in rnind Cha~ beneti.t increases are <br />ti.ed 3.nCO local government cun~r,ibutions, Mr, Voto staCc,*d that a J~ot <br />of reliaf associations have people wit'h prom9.sed pay, bu~ the associa~aon <br />does not have ~he funds, Mr.. Voto suggesY.ed that wkaen bene£it level <br />~.ncreases ar.e thnu~ht about, cahaC arnount i,s necessary Lo f~.n<xnce the <br />ic~crease aC Che ].00% level should also be considered, Mr, Voto sta~ecl <br />that i'urid f~a.nancing should be kept at leasC above ~he 50% E'i.gure and <br />preferably above the 80% Eagure. <br />P1x, Hanson canmented that peChaps ~he I'ixe Department'`s Cz^uclc fund and <br />the Relie£ AssociaCion L'ontribution cou].d be Lird Cogether and at budget <br />~irne ~he Counca.l shoul.c~ look aC 9:hese i,wo areas, <br />Page -3- <br />