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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 2, 1992 <br />Hanson noted the comment that the pension will be fully <br />funded by the end of the year. Hanson asked how that <br />compared with other communities. <br />LaValle noted that 16 out of 37 cities in the 1990 <br />Roseville survey have pension levels which are fully <br />funded. <br />Collova stated that the agreement was made for the City <br />to match State Aid in order to get the pension to what <br />other departments were receiving. Collova stated that <br />this has been accomplished. Collova indicated that the <br />Board does not have a plan in place for the next five <br />years, and the Board will continue to meet on this <br />issue. <br />Scalze again stated that she did not want to go above <br />what mutual aid cities are receiving. <br />DeBace noted that the pension is necessary in order to <br />keep the younger fire fighters interested; and in order <br />to keep the pension fully funded, it takes a <br />contribution from the City. <br />Scalze stated that she was comfortable with the $6,000 <br />contribution required of the City, but was not <br />comfortable with a$21,000 contribution unless the <br />City's pension levels were lower than other cities. <br />The City Administrator noted that there are two issues <br />to resolve. First is the benefit level, and second is <br />how much the City is willing to contribute annually. <br />Collova noted that the largest contributor to the fund <br />is interest earnings. Collova stated that the pension <br />benefit should not be increased too fast since that <br />would result in a huge unfunded liability. <br />Blesener suggested that at this point the $21,000 be <br />left in the budget. <br />The City Administrator suggested that when the Council <br />reviews the entire budget it will identify areas that <br />need further attention. The Administrator noted that <br />as fire fighters retire, the asset level of the pension <br />fund will go down and interest earnings will go down. <br />The City will have to support whatever benefit level is <br />established. <br />At this point in the meeting, 8:40 P.M., Council took a <br />short recess. The meeting was reconvened at 8:50 P.M. <br />The City Administrator began a review of the remaining <br />departments. The first department was that of Mayor & <br />Page 9 <br />