Title
Resolution to Adopt Revised Pension and VEBA Funding Policies
Memorandum
Attached for your review and approval are revised Pension and VEBA policies. The recommended revisions removes a minimum 2% contribution in the General Fund and adds flexibility to additionally fund VEBA if active health care costs are better than forecasted.
Adoption of this policy is consistent with the City Administrator’s recommended budget.
Staff recommends adoption of this policy.
Staff
Prepared/Reviewed by: Tom Crawford, CFO/Finance and Administrative Services Area Administrator
Approved by: Howard Lazarus, City Administrator
Body
Whereas, On May 21, 2012, Council adopted (R-12-237) both a pension and VEBA funding policy;
Whereas, The City desires to operate within prudent financial policies that seek to both address long-term liabilities while also mitigating future increases in operating costs; and
Whereas, The City desires to continue to increase funding for the pension and VEBA liabilities;
RESOLVED, That the City Council adopt the attached revised pension and VEBA policies in order to help address the City’s long-term needs.