HomeMy WebLinkAbout15 - NB-2 - Finance and Pension Advisory Committee - 8/1/2017ANNUAL REPORT TO
CITY COUNCIL
Finance & Pension Advisory Committee
August 1, 2017
Chair: Jim Fisler
Vice Chair: Ralph Ta b o a d a
Finance & Pension Advisory Committe
Committee Details:
FiPAC formed in March 2017 by merging the Finance
Advisory Committee (FAC) &the Pension Oversite
Committee (POC)
FiPAC comprised of 11 members with:
Mayor Pro Tem Sandy Genis as Council Liaison
Interim Finance Director Steve Dunivent as Staff Liaison
FiPAC has a Pension Subcommittee with five members
First FiPAC meeting was in April 2017
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Finance & Pension Advisory Committe
Scope of Responsibility
FiPAC responsibility is broadly defined as covering "all
events which may affect the financial status of the City"
Specific areas of responsibility include:
Proposed legislation affecting the City
The City's financial documents & statements
The City's investment portfolio
Existing & tentative labor contracts
Existing financial policies & internal c,
Pension costs & the unfunded liability
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Finance & Pension Advisory Committe
Recent Committee Activity
Recommendation Letters to Council
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Increase pension contributions by firefighters
Reduce FY17/18 expenses to fund pension reserve trust
Establish pension reserve to help offset future pension costs
Pension Subcommittee Members - attend pension reform
meetings with:
League of California Cities
Association of California Cities — Orange County
Unfunded Liability
Updated unfunded liability forecasts in response
to CalPERS revised actuarial assumptions _
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Finance & Pension Advisory Committe
Recent Committee Activity (continued
Quarterly review of City's investment portfolio
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Reviewed &recommended changes to proposed use of
the FY15/16 surplus
Reviewed & recommended changes to financing plan for
Lions Park & Fire Station 1 projects
Reviewed &recommended changes to Capital
appropriation approval process (follow-up is planned)
Reviewed & recommended changes to City's
proposed Debt Management Policy
Reviewed City's proposed Statement of Investment
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Finance & Pension Advisory Committe
Recent Committee Activity (continued
Various FiPAC members attend Chapman University's
quarterly Business & Economic Forum
POC reviewed & recommended purchase of pension
financial modeling software
Attended product demo with NPB (Gov Invest)
Nyhart Consultants presented an Actuarial Valuation
Report of 2016 OPEB to the POC
Finance & Pension Advisory Committe
Future Items /Review Topics
Business License & Transient Occupancy Tax
Self Insurance Fund
Park Development Fund
Pension 115 Trusts
Capital Appropriations
Alternative financing of unfunded liability
Pension "Fast Facts"
Midyear budget reviews
Hospital Transport
Finance & Pension Advisory Committe
John Hinson
Member
Al Melone
Member
Jim Fisler
Chair
Ralph Taboada
Vice -Chair
Bob Juneman
Member
Nick Peterson
Member
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Wendy Leece
Member
Tom Pollitt
Member
Richard Riva Rebecca Trahan Anna Vrska
Member Member Member
Sandra Genis
Mayor's Designee