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<br /> MINUTES <br /> CITY COUNCIL <br /> <br /> NOVEMI3ER 23, 2009 <br /> The Council again discussed the use of the $8,702 in addition <br /> revenue/expense reductions that Staff identified. It was the consensus of <br /> the Council to use these dollars to reduce the gross levy increase to 3.41 <br /> Blesener noted that the impact of this reduction is that the City's tax rate <br /> will decrease by about''/2%. <br /> McGraw asked for an explanation of the City's required contribution to <br /> the Fire Relief Fund. The Director noted that given the City's approval of <br /> the level of Fire Relief benefits, the City has a certain liability to the Fund <br /> to maintain the approved benefit level. She noted that the variable is the <br /> impact of market conditions on investments. If there is a shortfall between <br /> investment totals and future liability for pensions, then the City has to start <br /> paying toward that deficit pursuant to statutory requirements. The <br /> Director noted that should the market recover and investment levels are <br /> adequate, the City is not obligated to contribute toward the fund. <br /> There being no further business, the workshop meeting was adjourned at <br /> 7:15 p.m. <br /> i liam leserier,' ayor <br /> Attest• G_---~ <br /> Joel anson, City Administrator <br /> 5 <br /> <br />