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Commission discusses special meeting for annual financial report and asks staff to pull five years of retirement costs
Summary
Finance staff asked commissioners for availability to hold a special meeting to review the annual financial report. Commissioners also asked staff to compile five years of retirement-related costs (CalPERS normal payment, UAL payment, and debt-service) for later review.
City finance staff told the Budget and Finance Commission they expect the final annual financial report soon and asked commissioners for dates to hold a special meeting to review the document before it goes to City Council.
Staff said they would circulate several late-July dates and requested commissioners’ availability. Commissioners discussed several potential dates in the week of July 24 and late-month options; staff said they would send a confirmation once a date that provides quorum is identified. The commission agreed to be flexible so the review can proceed promptly once the final report is available.
Separately, commissioners asked staff to compile at least five years of retirement-related expenditures to assess trends in retirement costs as a share of the city budget. The items commissioners asked to be pulled were the CalPERS normal contribution, the unfunded actuarial liability (UAL) payments, and any debt service tied to pension funding. Finance staff said they could prepare a five-year series and would return it as a discussion item; that data will help the commission evaluate whether retirement costs are increasing as a percent of total budget.
No formal vote was required to schedule the prospective special meeting; commissioners expressed strong interest in an early review of the annual financial report and in receiving the multi-year retirement-cost table for discussion at a future meeting.
