EL CERRITO CITY COUNCIL MINUTES
SPECIAL JOINT CITY COUNCIL
AND FINANCIAL ADVISORY BOARD (FAB) MEETING
SEPTEMBER 27, 2022-6:00 p.m.
City Council Members:
Mayor Gabe Quinto
Mayor Pro Tern Lisa Motoyama · Councilmember Janet Abelson Councilmember Paul Fadelli · Councilmember Tessa Rudnick Financial Advisory Board Members:
Chair Farhad Farahmand
Member Ruth Cazden · Member William Ktsanes
Member Dick Patterson · Member Kimberly White
Meeting Location:
Council Chambers, 10890 San Pablo Avenue
El Cerrito, CA 94530
Consistent with the Brown Act as amended by AB 361 (2021 ), members of the City Council, staff, presenters and the public may participate in-person at the location listed above, or remotely via zoom. In-person attendance will be limited to available seats and designated accessible spaces only (no standing room) with chairs spaced to encourage social distancing. Masks are strongly recommended.
Interested individuals can also participate or view the City Council meeting as follows:
1. Cable T.V. Broadcast on KCRT Channel 28
2. Livestream Online atwww.el-cerrito.org/CouncilMeetingMaterials
3. Via Zoom (Closed captioning available):
https://us06web.zoom.us/j/88518790170?pwd=RHJESE9iRE1501 BsM2dreEs4UT JVZz09 Dial in: 1-408-638-0968 Meeting ID: 885 1879 0170 Password: 932349 Each period for public comment will be announced. Public Comments may be submitted one of the following ways and are limited to items on the agenda only:
1. In-person by submitting a request to speak to the City Clerk.
2. Via Zoom using the "Raise Hand" icon to request to speak. If joining by phone, dial *9 to "raise your hand", and when prompted by the host, *6 tounmute/mute.
3. Via email to [email protected]. Email must contain in the subject line Public Comments - Not on Agenda or Public Comments - Agenda Item #.
To ensure City Council receives your written comments prior to taking action, they must be received by 3:00 p.m. the day of the meeting. All written comments received by this deadline will be provided to the City Council and posted on line in advance of the meeting. Comments received after the deadline will be provided to the City Council and included with supplemental materials after the meeting. No written comments will be read into the record.
09/27/2022 City Council Minutes Page 1 of 3
6:00 P.M. ROLL CALL - CONVENE SPECIAL JOINT CITY COUNCIUFINANCIAL
ADVISORY BODY MEETING
Mayor Quinto called the meeting to order at 6:03 p.m.
City Council Present In-Person: Mayor Quinto, Mayor Pro Tern Motoyama, Councilmember Fadelli City Council Present Remotely:
Councilmember Rudnick Absent: Councilmember Abelson
Financial Advisory Board Present Remotely: Chair Farahmand, Vice Chair Ktsanes, Member Cazden, Member Patterson, Member White
Absent: None
1. TELECONFERENCE AND PUBLIC COMMENT INSTRUCTIONS
2. PLEDGE OF ALLEGIANCE TO THE FLAG OR OBSERVATION OF A
MOMENT OF SILENCE
3. PRESENTATIONS
A. CalPERS Unfunded Accrued Liability (UAL)
Action Proposed: Receive and file a presentation from CalPERS on the method of calculation and projected unfunded liability for the City of El Cerrito's pension obligations.
Contact: Tony Cuny, ASA, MAAA, Senior Pension Actuary, CalPERS; Kerry J. Worgan FSA, FCIA, MAAA, Supervising Pension Actuary, CalPERS; Sandra Dalida, Finance Director/Treasurer, Finance Department
Presentation and Discussion: Presenters and staff responded to comments and questions raised by members of the council regarding discount rate reductions, clarification on methodology for projection of normal costs, unfunded accrued liability (UAL), is change in UAL since last report a typical variation, difference between entry age accrued liability and present value of benefits, variation in 2041 projected Base Employer Rate on Path Forward - Safety Plans, contributions to 2026 start of decline in Base Employer Rate, last time plan was 100% funded.
No public comments.
Action: Received and filed
4. STUDY SESSION
A. Section 115 Trust Study Session
Action Proposed: Conduct a study session with NHA Advisors regarding options for funding a Section 115 Trust and provide staff direction.
09/27/2022 City Council Minutes Page 2 of 3
Contact: Craig Hill, Managing Principal, NHA Advisors; Roy Kim, Associate, NHA Advisors; Matt DeFilippis, Analyst, NHA Advisors; Sandra Dalida, Finance Director/Treasurer, Finance Department Presentation and Discussion: Presenters and staff responded to comments and questions raised by members of the council regarding additional discretionary payments options for advanced payments, five year projections, necessary budget modifications t fund, state auditor's view of a trust as an asset and effect on bond rating, exercising caution, flexibility of funding options, defining a provider with IRS Private Letter ruling, if a financial reason to complete the process by year end, is the projected earning rate guaranteed, timeline for implementation, amount of investment to make the trust worthwhile, 10 year forecast as part of a recommended general fund reserve policy, clarification on use of funds from a 115 trust to pay UAL.
No public comments.
Action: Received and filed
5. ADJOURN SPECIAL JOINT CITY COUNCIL/FINANCIAL ADVISORY BODY
MEETING
Gabe Quinto, Mayor
This is to certify that the foregoing is a true and correct copy of the minutes of the City Council meeting of September 27, 2022 as approved by the El Cerrito Ci y Co cil.
09/27/2022 City Council Minutes Page 3 of 3