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MINUTES <br />CITY COUNCIL <br />DECEMBER 8~ 1993 <br />work done on this issue. The Chief reported that at <br />this time benefits are competitive, but the Department <br />and City should not be short-sighted for the future. <br />The Chief pointed out that the pension is an incentive <br />to attract good volunteers who are young and <br />aggressive. The Chief asked that the $16,500 City <br />contribution be retained during 1994, to provide for <br />the possibility of an increase in benefit levels in the <br />future. The Chief reported that he appreciates all the <br />work that was done on this issue by City staff and <br />pointed out that the Fire Department put in a lot of <br />hours as well. The Chief also stated that the Fire <br />Department would appreciate the City's contribution of <br />$16,500 in 1994 and the opportunity to look at possible <br />benefit level increases in the future. <br />The City Administrator pointed out that the 1994 Budget <br />document does provide for a$16,500 City contribution <br />to the Fire Department Pension Fund. The Administrator <br />reported that a$12,000 contribution is estimated to <br />sustain the current benefit level of $2,050 per year of <br />service. The Fire Department would like to have the <br />ability to consider increases in the future. If that <br />is the case, the City would not want to be decrease its <br />contribution very much today, since that would result <br />in a larger contribution in the future. The <br />Administrator pointed out that even at a$16,500 <br />contribution by the City, this would not provide enough <br />funding for an increase in 1994, 1995, 1996 or 1997. <br />However, by putting in some surplus today, it will help <br />to buy-down the cost of an increase in benefit levels <br />in the future. <br />LaValle indicated that based on the uncertainty of the <br />new formula for determining benefit levels put out by <br />the State, and in order to buy-down the cost of future <br />benefit increases, he supported a$16,500 contribution <br />in 1994. LaValle pointed out that this contribution <br />would not be adequate to increase pension benefit <br />levels in 1994. <br />Morelan felt that decreasing the $16,500 City <br />contribution would not be wise in the long run if the <br />City anticipates there will be any benefit level <br />increases in the future. <br />ECONOMIC The City Administrator pointed out the letter that <br />DEVELOp- was sent to Gary Collyard and Joe Vitale regarding <br />MENT the Rice Street redevelopment project, and the fact <br />that there are no binding agreements between the City <br />and these developers for such a project. The <br />Administrator reported that he will be meeting with the <br />developers on Monday to begin drafting a preliminary <br />development agreement. <br />Page 23 <br />