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MINUTES <br />CITY COUNCIL <br />MAY 12, 1993 <br />Mr. Morelan introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 93-5-128 - RESCHEDULING THE JUNE 9TH <br />REGULAR COUNCIL MEETING TO TUESDAY, JUNE 8, 1993 AT <br />7:30 P.M. <br />The foregoing resolution was duly seconded by Scalze. <br />Ayes (5) Morelan, Scalze, Hanson, LaValle, Pedersen. <br />Nays (0). Resolution declared adopted. <br />FIRE Hanson reported that the City Administrator has <br />RELIEF indicated that it is not imperative that a decision be <br />BENEFIT made this evening on the issue of increase of Fire <br />INCREASE Relief benefit levels. <br />Bob DeBace, representing the Fire Relief Association, <br />indicated that he would like a decision this evening. <br />DeBace indicated that after a long meeting yesterday <br />with the City Administrator, Fire Chief, Jim Gustafson <br />and himself, they were completly satisfied that the <br />Fire Relief pension benefit is fully funded at the <br />$2,100 level. DeBace reported that Piper Jaffrey has <br />indicated that income levels for 1993 should be between <br />8 and 10 percent, which will result in an overfundness <br />of approximately $75,000 at the end of 1993. <br />DeBace suggested that if the $2,100 were approved, the <br />Relief Association would get together with the City <br />Administrator to figure out a formula and set up some <br />parameters to determine the percent of fundness and <br />level of City contribution that would be needed prior <br />to another increase in the benefit. If the parameters <br />that are established are not met, there would be no <br />increase. <br />Scalze reported that she met with the Administrator and <br />asked for a recommendation on the increase. The <br />Administrator indicated that it might be better for the <br />City to set a level participation that it is <br />comfortable with and then let the formula work out <br />where the benefit level should be. <br />DeBace agreed that over the next five years the a <br />formula would be used to determine the benefit level <br />based on parameters set. <br />LaValle pointed out that he made a motion at the Relief <br />Association meeting to set a maximum City contribution <br />of $10,000. However, that motion did not pass. <br />LaValle stated that if the fund is overfunded at the <br />present time, he has no problem increasing the benefit <br />level. LaValle just wanted to ensure that the City's <br />liability did not get out of hand. <br />Page 17 <br />